Empress Royalty Corp : Empress Royalty Reports First Gold Pour at Manica Gold Mine
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Empress Royalty Reports First Gold Pour at Manica Gold Mine
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Investegate |Empress Royalty Corp Announcements | Empress Royalty Corp: Empress Closes and Funds Manica Gold Project
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Empress Royalty Corp.: Empress Closes and Funds Manica Gold Project Royalty / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (
Empress or the
Manica or the
MMP ).
stated Alexandra Woodyer Sherron, CEO and President of Empress. Once MMP completes construction, Manica is expected to be our first revenue generating African investment. The successful closing and funding of this royalty demonstrates Empress commitment to creating new royalties to help bring projects into production.
THE INVESTMENT & TRANSACTION
On February 22, 2021, Empress executed a Royalty Purchase Agreement for the creation of a royalty on gold sales from Manica for an aggregate consideration of US$2,000,000. Payments to Empress under the Royalty Agreement are based on 2.25% of the revenues generated from the sale of gold from the Project until a total of 95,000 oz of gold have been sold. Thereafter, the percentage shall reduce to 0.75% and shall continue into perpetuity. The Royalty is secured