West Vault closes stream transaction with Sprott
(Kitco News) - West Vault Mining (WVM:TSXV, OTCQX:WVMDF) yesterday announced the closing of a gold and silver purchase and sale agreement with Sprott for 1.41% of all refined gold and silver to be produced for the life of mine from the 100% owned and permitted Hasbrouck gold project, located southwest of Tonopah, Nevada.
Under the terms of the stream agreement, Sprott has paid the company an advance purchase deposit of US $6.0 million. An additional purchase deposit of US $1.0 million is to be paid to the company within 10 days of the announcement of a Board-approved construction decision for the Hasbrouck gold project.
West Vault is focused on maximizing shareholder value for its 100% interest in the Hasbrouck gold project. Located and secure in Nevada, the Hasbrouck gold project is permitted for construction and operations. After closing the stream agreement today and receipt of the advance deposit, the company holds cash on hand in excess of US $7.0 million.