Cornish Metals Inc - owner of the Crofty tin and United Downs copper/tin projects in Cornwall, UK - Announces that its agreement in principle with Osisko Gold Royalties has closed, with Orisko converting its CAD7.2 million, or GBP4.1 million, senior secured convertible note dates January 2018 into a 1.5% net smelter return royalty for South Croft and a 0.5% net smelter return royalty on other mineral rights in Cornwall.
Orisko, in connection with the note conversion, agrees to release security entered into by Cornish Metals in favour of "a more simplified and reduced security package" restricted to wholly owned subsidiary Cornish Mineral Ltd, which holds the firm's Cornwall mineral rights.
Current stock price: 10.08 pence
Year-to-date change: down 3.1%
By Anna Farley; annafarley@alliancenews.com
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Cornish Metals. (CUSN)