-- Sailfish Royalty (FISH.V), down 2.4% on last look, said on Friday that it has completed the sale of its subsidiary Terraco Gold to OR Royalties (OR.TO) for US$168 million in cash.
Terraco Gold holds a 3% net smelter return (NSR) royalty on Solidus Resources' Spring Valley gold project and a 2% NSR royalty on Solidus Moonlight property, both in Nevada.
"The sale of the Spring Valley and Moonlight royalties meaningfully reduces portfolio concentration risk while strengthening our cash position at a time of significant opportunity in the current market. Sailfish intends to redeploy this capital within the mining sector, with a strong focus on precious metals streams and royalties, to support our robust dividend policy," said CEO Paolo Lostritto.
Sailfish shares were last seen down $0.09, to $3.63, on the TSX Venture Exchange.
Price: $3.63, Change: $-0.09, Percent Change: -2.42%