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Royal Gold, Inc Increases KSM Royalty Option by Acquiring Additional $18 Million in Seabridge Gold Inc Common Shares at 15% Premium to Market


Thursday, 13 Dec 2012 06:16pm EST 

Seabridge Gold Inc announced that Royal Gold, Inc. has exercised its option (the Share Option) to acquire, by way of private placement, CAD18 million in Seabridge treasury shares at a 15% premium to the volume weighted average trading price of Seabridge shares on the TSX for the five day period ending December 11, 2012 as per the original agreement. The private placement consists of 1,004,491 Seabridge common shares at a price of CAD17.92 each. By exercising the Share Option, Royal Gold obtains a second royalty option to acquire a further 0.75% net smelter return (NSR) royalty on all gold and silver production from Seabridge's KSM project. Royal Gold can exercise the second royalty option by electing to acquire the 0.75% NSR within 60 days following Royal Gold's agreement that the KSM project is in receipt of all material approvals and permits, full project financing and certain other conditions and paying Seabridge CAD60 million in three equal payments over the 18 month period after such election. As background, in June 2011 Royal Gold acquired 1,019,000 Seabridge shares from treasury at a 15% premium to the then market price. For this initial investment, Royal Gold was granted a royalty option to acquire a 1.25% NSR on all gold and silver production from the KSM project for CAD100 million. 

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12.26
0.49 +4.16%
20 Aug 2014