Cornish Metals sells 1pc Sleitat royalty to Electric Royalties

Cornish Metals has reached an agreement to sell a 1% net smelter returns (NSR) royalty on its Sleitat tin-silver project in Alaska, it announced on Thursday, to the TSX-V colleague Electric Royalties.

The firm, which is also traded on AIM in London, said consideration for the sale was one million shares of Electric Royalties, and CAD 0.1m (£0.06m) in cash.

“Upon issuance at closing of the transaction, the consideration shares will be subject to a voluntary lock-up agreement whereby 50% of the consideration shares will be subject to a six month hold period and the balance subject to a one year hold period,” Cornish Metals said in its statement,

“The completion of the transaction noted herein is subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions.”

At 1559 GMT, shares in Cornish Metals were up 1.96% in London, at 26p.