-- Versamet Royalties (VMET.TO) said Friday that it has completed the acquisition of a 3.52% gold stream in respect of gold production from the Eskay Creek project from Orion Resource Partners and Blackstone affiliates.
A statement noted the company paid US$340 million in cash and issued about 2.05 million shares to the vendors. The cash portion was financed through an expanded credit facility totaling US$400 million, including a US$250 million revolving credit line maturing in March 2029 and a US$150 million term loan maturing in March 2028, according to the statement.
"Eskay is expected to produce an average of over 300,000 ounces of gold per year in its first 5 years and an average of approximately 230,000 ounces of gold per year over its initial 12 year life," the company said, adding that it will pay 10% of the spot gold price for each ounce it receives under the stream.
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