CORNISH METALS ANNOUNCES CLOSING OF AGREEMENT TO CONVERT OSISKO NOTE INTO ROYALTIES
February 22, 2021
Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”) is pleased to announce the closing of the Company’s previously announced agreement in principle with Osisko Gold Royalties (“Osisko”) whereby Osisko has converted its C$7.17 million senior secured convertible note dated January 26, 2018 (the “2018 Note”) into:
(i) a 1.5% Net Smelter Return (“NSR”) royalty with respect to the South Crofty tin project, and;
(ii) a 0.5% NSR royalty on other mineral rights held by the Company in Cornwall (see news releases dated January 29, 2018 and January 18, 2021 ).
In connection with the conversion of the 2018 Note, Osisko has agreed to release the security entered into by the Company and has agreed to enter into a more simplified and reduced security package with the Company. The reduced security package is restricted to the Company’s wholly owned subsidiary, Cornish Mineral Limited (Bermuda), which hold the Company’s mineral rights in Cornwall.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper/tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016 ). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.
For additional information please contact:
In North America:
Irene Dorsman at (604) 210 8752 or by e-mail at firstname.lastname@example.org