Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (61.5%) and Newmont (38.5%)
Nevada gold mines to sell royalty portfolio to Gold Royalty. (Credit: Michael Gaida from Pixabay)
Nevada Gold Mines’ (“NGM” or the “Company”) today announced that it has entered into a definitive agreement to sell a portfolio of royalties (the “Portfolio”) to Gold Royalty Corp. (“Gold Royalty”) for $27.5 million.
The Portfolio consists of three royalties on the production of minerals from the Granite Creek and Bald Mountain projects located in the State of Nevada. The total consideration of $27.5 million will be satisfied through the issuance by Gold Royalty of 9,393,681 common shares (the “Consideration Shares”). Upon closing, NGM is expected to hold approximately 7.0% of the issued and outstanding shares of Gold Royalty on a pro forma basis.
Source: Company Press Release