Metanor Closes Transaction Amending the Bachelor Gold Stream
VAL-D'OR, QUÉBEC--(Marketwired - Oct. 2, 2017) - Metanor Resources Inc. (the "Corporation") (TSX VENTURE:MTO) is pleased to announce that it has completed the previously announced transaction (press release issued September 18, 2017) with Sandstorm Gold Ltd., ("Sandstorm") pursuant to which the existing gold stream on the Bachelor mine (which requires Metanor to sell 20% of its gold production at the fixed price of US$500) will be eliminated and replaced by a 3.9% net smelter return royalty (NSR) on all minerals produced from the Bachelor and Barry properties once the Corporation has delivered to Sandstorm 12,000 ounces of gold at the fixed price of $US500. Such royalties can be reduced to 1.8% upon payment of US$2M for each property. As part of the consideration, the Corporation issued a total of 3,164,156 common shares to Sandstorm, at the deemed price of $0.77 per common share for an aggregate value of CA$2,436,400 on September 29, 2017. The common shares are subject to a four month hold period from the date of issue and this transaction remains subject to regulatory approval.