Franco-Nevada ups its Marathon Gold royalty, buys shares
Marathon Gold (TSX: MOZ) announced today the sale of an additional 1.5% net smelter returns royalty on its Valentine Gold project to Franco-Nevada for US$45 million.
Franco-Nevada will now hold an aggregate 3.0% NSR on the project. In addition, Franco-Nevada has offered to purchase common shares of the corporation comprising the entire back-end of a C$6.9 million non-brokered charity flow-through offering for which Marathon has firm commitments at a price of C$1.0488 per flow-through share. Marathon intends to use the proceeds of the offering for eligible exploration expenditures at the project.