Montreal-based
A private investor agreed to purchase the royalty interest for $30 million. The company has received the first payment of $1.2 million; a second payment, of $300,000, is expected at month’s end. This will be followed by two payments of $1.5 million on Jan. 15 and March 15 of next year. The $25-million balance is payable over the initial 10-year term of the royalty.
MSV intends to use the proceeds to develop its Chibougamau projects. The No. 4 shaft at Copper Rand is being rehabilitated and final financing for the Copper Rand 5000 project is progressing.
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