Top-News of the Week:
Osisko Gold Royalties requests shareholders to vote in favor of the top-class royalty deal
Osisko Gold Royalties recently announced, that it has filed a management information circular and related proxy materials with the Canadian securities regulators and U.S. Securities and Exchange Commission in advance of its special meeting of shareholders.
On June 5, 2017, Osisko announced that it has entered into a definitive agreement with Orion Mine Finance Group to acquire a high-quality precious metals portfolio of assets consisting of 74 royalties, streams and precious metal offtakes for total consideration of CA$1.125 billion, creating a growth-oriented, world class and gold-focused royalty and streaming company.
The combination of Osisko's and Orion's portfolios will result in Osisko holding a total of 131 royalties, streams and precious metal offtakes, including 16 revenue-generating assets. Through the Transaction, Osisko will gain a 9.6% diamond stream on the Renard diamond mine and a 4% gold and silver stream on the Brucejack gold and silver mine, all of which are new high-quality mines in Canada, in addition to a 100% silver stream on the substantial Mantos Blancos copper mine in Chile.
Shareholders of record on June 19, 2017, being the record date for the Meeting, will receive notice of and be entitled to vote at the Meeting. The Circular, which provides important information about the Transaction as well as information concerning Osisko and Orion, is now being mailed to shareholders of Osisko.
Every vote is important! Osisko’s Board of Directors and management team invites all shareholders to vote IN FAVOUR of this transformational transaction.
News: Osisko Files Circular for Special Meeting to Approve Acquisition of Orion Mine Finance’s Royalty Portfolio
Newsshow: Newsflash #63: Osisko Gold Royalties Acquires Orion Mine Finance Royalty Portfolio
Market Watch:
50 years Krugerrand: A/no reason to celebrate!
On July, the 3rd, South Africa celebrated the birthday of the most famous South African! The most popular export item had its 50th birthday. We are speaking form the Krugerrand, the most famous gold bullion coin worldwide, with more than 52 million sold ounces within these 50 years.
There was less to celebrate for the gold price in the last days, as the yellow metal has been beaten down at weak trading since the beginning of the month. Therewith, it seems, that we have a so-called double top, which no bull wants to see. According to this, drabness seems to dominate the gold-bugs.
Investor’s gold inventory on a record level in Frankfurt!
But, precisely German investors seem to enjoy the yellow metal again. Anyway, the gold inventory of the German stock exchange heavily increased since the beginning of the year. More than 167.5 tons are stored in safes in Frankfurt, which is a record level and 50 tons more than at the end of December 2016. The main reason for the huge increase of the inventory is the current popularity of the Xetra-Gold-Bond, which causes the deposit of one gram of physical gold for each bond certificate. Maybe this summer could provide the last chance for an advantageous entry point into physical gold and corresponding (gold) mining stocks.
Company News:
Rye Patch Gold: $10 million bought-deal offering completed!
Rye Patch Gold recently announced the completion of its prospectus offering announced on June 6, 2017 whereby the Company issued a total of 38,470,000 common shares of the Company at a price of $0.26 per Share for gross proceeds of $10,002,200. Rye Patch has also granted the underwriters an over‑allotment option to purchase up to an additional 5,770,500 Shares at $0.26 per Share, exercisable in whole or in part until 30 days after the date of closing of the Offering. The Company intends to use the net proceeds of the Offering for continued expansion of the Florida Canyon Gold Mine, additional haulage equipment and resource development and exploration drilling at the mine.
News: Rye Patch Gold Closes $10 Million Bought Deal Offering As Altona Mining Limited recently announced, the company has agreed, subject to conditions, with Sichuan Railway Investment Group Co., Ltd (“SRIG”) for SRIG to fund the Cloncurry Copper Project in northwest Queensland through its Hong Kong subsidiary, China Sichuan International Investment Limited. The missing approval of the State-owned Assets Supervision and Administration Commission of the State Council of the Sichuan Province of the People’s Republic of China (“SASAC”) is required for SRIG, through CSII, to make the investment in the project and it is a condition precedent to executing a Subscription Deed. SRIG have advised that before SASAC can complete its approval process, SASAC requires advice of regulatory amendments from the Sichuan Provincial Government. As all approvals must be received prior to execution of the Subscription Deed, the delay to the receipt of formal approval from SASAC is such that the parties have agreed that the last date for execution of the Subscription Deed will be extended from 30 June 2017 to 21 July 2017. The last date for closing of the transaction will also be extended from 31 July 2017 to 11 August 2017. The parties have made good progress towards finalizing the Conditions Precedent to closing the transaction and Altona has completed most of its Conditions Precedent.
News: CLONCURRY COPPER PROJECT TRANSACTION STATUS
Video: Dr. Copper: Quo Vadis?
Sibanye Gold recently announced, that Chris Bateman has been appointed as Executive Vice President: US Region. In addition to heading up the region and leading the team at the Stillwater Operations, Bateman will also join the Sibanye executive committee.
Chris Bateman has served as Chief Financial Officer at Stillwater Mining Company since 2014. Prior to that, Chris worked for more than 18 years in the mining industry, gaining broad and diverse experience in the platinum, palladium, copper, uranium, diamonds and industrial minerals sectors. Prior to joining Stillwater Chris served as Chief Financial Officer at Turquoise Hill, Rio Tinto Diamonds and Minerals product group, Rio Tinto Iron and Titanium product group and Energy Resources of Australia. He has served on the boards of Richards Bay Minerals in South Africa, Oyu Tolgoi copper mine in Mongolia and QIT Madagascar Minerals in Madagascar.
Bateman‘s extensive industry knowledge and experience should strengthen the Sibanye executive team and his collaborative leadership style and broad experience at executive level should facilitate a smooth integration of Stillwater into the broader Sibanye Group.
News: Sibanye appoints head of the United States (“US”) region Caledonia Mining recently announced, that its board of directors has declared a dividend of six and seven eighths United States cents (US$0.06875) on each of the Company's common shares. This amount represents a revised quarterly dividend policy following the recently completed consolidation of the Company’s common shares on an overall one for five basis.
The relevant dates relating to the dividend are as follows:
- Ex-dividend date for shares held on the share register: July 12, 2017
- Ex-dividend date for shares held through depositary interests in CREST in the UK: July 13, 2017
- Record date: July 14, 2017
- Dividend cheque mailing date: July 28, 2017
Caledonia plans to maintain its quarterly dividend but at a new level of 6.875 cents per share, reflecting the successful share consolidation on an overall one for five basis, which the Company completed at the end of June 2017. The company is targeting production of 52,000 to 57,000 ounces of gold from the Blanket Mine during 2017.
News: Caledonia declares quarterly dividend of 6.875 cents per share
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