Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced in a news release it closed the purchase from a private party of all rights and interests to a 1% net smelter return (NSR) royalty on the Lincoln Hill property in Nevada (operated by Coeur Mining). Ely Gold also acquired the right of first refusal on an additional 1% royalty held by the seller.
Of the total cost of $750,000 for the 1% NSR royalty acquisition, Ely Gold paid the requisite $400,000 on closing and will remit the remaining $350,000 on Sept. 10, 2020.
In addition, Ely Gold issued the seller 500,000 common stock purchase warrants. With each one, the seller may buy one Ely Gold common stock share at CA$0.18 for two years from the closing date.
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