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Empress Closes and Funds Manica Gold Project Royalty
Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ("Empress" or the "Company") is pleased to announce it has closed and funded the previously reported 2.25% royalty (the "Royalty") on production from the Manica hard rock gold project in Mozambique ("Manica" or the "Project") operated by Mutapa Mining & Processing LDA ("MMP").
"The Manica gold project Royalty marks an exciting milestone for Empress," stated Alexandra Woodyer Sherron, CEO and President of Empress. "Once MMP completes construction, Manica is expected to be our first revenue generating African investment. The successful closing and funding of this royalty demonstrates Empress' commitment to creating new royalties to help bring projects into production."
THE INVESTMENT & TRANSACTION
On February 22, 2021, Empress executed a Royalty Purchase Agreement for the creation of a royalty on gold sales from Manica for an aggregate consideration of US$2,000,000. Payments to Empress under the Royalty Agreement are based on 2.25% of the revenues generated from the sale of gold from the Project until a total of 95,000 oz of gold have been sold. Thereafter, the percentage shall reduce to 0.75% and shall continue into perpetuity. The Royalty is secured by a first ranking security interest in certain assets of MMP. On April 20, 2021, Empress fully closed and funded the US$2,000,000.
https://www.accesswire.com/641…nica-Gold-Project-Royalty
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