On Feb. 18, 2020, Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE American: MTA) announced that it had acquired a 2.0% net smelter return royalty ("NSR") on future gold production from the La Fortuna deposit and prospective exploration grounds forming part of the NuevaUnión project located in Chile. NuevaUnión is jointly owned by Newmont Corporation and Teck Resources Limited, and is one of the largest undeveloped copper-gold-molybdenum projects in the world.
Metalla partnered with BatteryOne Royalty Corp. (the "Purchasers") to jointly purchase the NSR such that Metalla will be entitled to all payments under the NSR with respect to gold production, BatteryOne will be entitled to all payments under the NSR with respect to copper production, and all other payments under the NSR will be split evenly between the Purchasers. The total acquisition price is US$8 million to be satisfied in cash and common shares of the Purchasers.
Gowling WLG advised both Metalla and BatteryOne with respect to the formation of their joint venture and this royalty acquisition with a team that included Denis Silva, Brent Kerr, Jill Dunn and Anita Yuk.
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