Gold Miner Firms Up Financial Agreements

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Gold Miner Firms Up financial Agreements <>

The hedging program, entered into with Macquarie Bank Ltd. includes the following provisions:

• 100,000 ounces of put options were purchased with a strike price of CA$1,500/oz,
• 100,000 ounces of call options were sold with a strike price of CA$1,936/oz, and
• the 100,000 ounces include 40,000 oz in 2020 and 60,000 oz in 2021.

The company also described the program as "unsecured and [a] zero-cost collar" in its May 14 press release.

In other recent news, Victoria Gold announced it had filed documentation with the TSX.V exchange with regard to its royalty agreement with Osisko Gold Royalties Ltd. (OR:TSX; OR:NYSE) and a March 8 private placement. Under the terms of the royalty agreement, Victoria Gold "shall sell to Osisko a 5 percent net smelter return (NSR) royalty for proceeds of $98 million." With regard to the private placement, 250 million shares were purchased at $0.50 per share, as were 25 million share purchase warrants with an exercise price of $0.625/share over five years.

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