TORONTO, March 28, 2022 (GLOBE NEWSWIRE) -- Tintina Mines Limited (“Tintina” or the “Company”) (TSX VENTURE: TTS) is pleased to announce that it has entered into a royalty repurchase agreement, with an effective date of March 17, 2022, and signed on March 25, 2022, with Canadian Malartic GP (“CMGP”), an Ontario general partnership, in which CMGP will exercise its buy-out option to repurchase the 2% net smelter return royalty held by the Company over the Rand property (the “Buy-Out Option”) for a total purchase price of $7,000,000 (USD). The exercise of the Buy-Out Option by CMGP is also subject to the terms and conditions of an existing Net Smelter Royalty Agreement between the Company and CMGP (the “Royalty Agreement”).
The Royalty Agreement was assigned to the Company by NSR Resources Inc. (“NSR”) on April 7, 2020. NSR became a wholly owned subsidiary via a three-cornered amalgamation transaction completed on November 28, 2019 and submitted an application to cease to be a reporting issuer in Quebec, Alberta, British Columbia and Ontario (the “Reporting Jurisdictions”) and as of January 6, 2020, NSR ceased to be a reporting issuer in the Reporting Jurisdictions.
For further information, please contact Jing Peng, CFO, at (416) 848-9888 or jpeng@marrellisupport.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements and include but are not limited to statements regarding completion of the exercise of the Buy-Out Option. Forward-looking statements include words or expressions such as “proposed”, “will”, “subject to”, “near future”, “in the event”, “would”, “expect”, “prepared to” and other similar words or expressions. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that existing relationships and contracts between the Company and CMGP will continue on the same or similar terms, or at all; and the fulfilment of all conditions contained in the repurchase agreement and the Royalty Agreement, as applicable will be satisfied. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to, (i) whether all the conditions contained in the Royalty Agreement and repurchase agreement allowing for the exercise of the Buy-Out Option to proceed will be completed, (ii) delay or failure to receive board, regulatory or court approvals, wherever applicable, or any other conditions precedent to the completion of the transaction, (iii) failure to realize the anticipated benefits of the transaction, (iv) other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; (v) and any risks associated with the ongoing COVID-19 pandemic. You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
