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TORONTO, Sept. 27, 2019 /CNW/ – Sable Resources Ltd. (the “Company” or “Sable”) (TSX Venture: SAE) announces that as previously described in its press release dated August 28, 2019, it has entered into a definitive royalty purchase agreement (the “Royalty Purchase Agreement”) with its wholly-owned Mexican subsidiaries and Osisko Gold Royalties Ltd (“Osisko”, OR-T). The initial closing under the Royalty Purchase Agreement has occurred and Sable has received proceeds in the amount of $5.0 million. Pursuant to the completed initial royalty transaction, as guaranteed by Sable, Exploraciones Sable, S de R.L. de C.V. has granted Osisko a 1% net smelter returns royalty (the “NSR”) on its properties (the “Initial Properties”). Under the terms of the Royalty Purchase Agreement, for no additional consideration, the NSR will extend to any additional properties (the “Future Properties”) acquired by Sable within a period of four years from the closing (the “Maturity Date”).
As part of the Royalty Purchase Agreement, Sable has also granted Osisko the right to acquire an additional 1% NSR for $5.5 million on all minerals produced from Initial Properties and Future Properties. This right expires on the Maturity Date.
About Sable Resources Ltd.
Sable Resources Ltd. is a well-funded junior grassroots explorer focused on the discovery of new precious metal projects through systematic exploration in endowed terrains located in favourable, established mining jurisdictions. Sables’ main focus is developing its large portfolio of new greenfields projects to resource stage utilizing their Upper Level Epithermal Strategy. Sable is actively exploring the San Juan Regional Program (35,000ha) incorporating the Don Julio Project in San Juan Province, Argentina, the Mexico Regional Program (1.16Mha in application, 39,000ha titled), incorporating the Margarita, Vinata and El Escarpe drill ready projects.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, Sable’s exploration objectives over its portfolio.Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Sable Resources Ltd.
For further information: Tom Obradovich, President and Chief Executive Officer of the Company at (416) 985-7140 or [email protected]
Original Article: https://www.newswire.ca/news-releases/sable-resources-ltd-announces-closing-of-royalty-purchase-agreement-with-osisko-gold-royalties-867687227.html