Canada NewsWire
VANCOUVER, BC, Nov. 30, 2020
VANCOUVER, BC, Nov. 30, 2020 /CNW/ - Nova Royalty Corp. (TSXV: NOVR) ("Nova" or the "Company") is pleased to announce that it has filed its financial statements and management discussion & analysis for the nine months ended September 30, 2020 on SEDAR (www.sedar.com) and on the Company's website www.novaroyalty.com.
COMPANY HIGHLIGHTS
During the three months ended September 30, 2020, and subsequent period the Company:
TACA TACA ACQUISITION
Nova is pleased to announce, further to its news release dated October 8, 2020, it has completed its acquisition (the "Transaction") of a combined, existing 0.24% net smelter returns royalty (the "Royalty") on the Taca Taca copper-gold-molybdenum project in Salta Province of Argentina ("Taca Taca") for approximately US$12.75 million in cash and common shares of Nova ("Nova Shares"). Taca Taca is wholly owned by First Quantum Minerals Ltd. (TSX:FM), which provided its consent to the transfer to Nova of the Royalty as required by the underlying royalty agreement.
The aggregate purchase price for the Transaction included upfront consideration of US$8.5 million in cash and two million Nova Shares. Nova will make additional cash payments of US$0.5 million in six months, US$1.0 million in twelve months and US$0.5 million in twenty-four months(1).
ABOUT NOVA
Nova is a royalty company focused on providing investors with exposure to the building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR".
ON BEHALF OF NOVA ROYALTY CORP.,
(signed) "Alex Tsukernik"
President and Chief Executive Officer
Phone: (604) 696-4241
Email: [email protected]
Website: www.novaroyalty.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent such registration or an available exemption therefrom.
Notes
(1) In connection with the Transaction, Nova also paid a finder's fee of 212,702 Nova Shares to an arm's length person.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect to: exploration and expansion potential, production, recoveries and other anticipated or possible future developments on the Taca Taca project, current and potential future estimates of mineral reserves and resources; future commercial production from Taca Taca; and management's expectations regarding Nova's growth. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's final non-offering long form prospectus dated August 14, 2020 available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Nova Royalty Corp.
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