Proceeds of the financing will be used by Liberty for exploration within the Great Basin of United States.
View to the south of the historic C-D pit at Liberty Gold’s Black Pine gold project in Idaho. Image from Liberty Gold.
First, it reached an agreement to purchase the existing 0.5% net smelter return from a private company on certain claims at Black Pine for a consideration of $3.5 million cash and 200,000 shares of the company. The 0.5% NSR was part of the consideration paid when Liberty acquired Black Pine back in 2016.Then, the company signed an agreement to grant an affiliate of Wheaton Precious Metals Corp. a new 0.5% NSR royalty for cash consideration of $3.
In addition to the NSR purchase and resale, Liberty has arranged a private placement of up to 22.9 million shares at $0.34 per share for proceeds of $5.7 million. Wheaton is expected to subscribe for $5 million of the offering and become the company’s newest shareholder. The remaining amount will be subscribed by existing shareholders, management and directors.
Black Pine is a Carlin-style, sedimentary rock-hosted gold property located in Cassia county, southern Idaho. It is host to a past-producing heap leach gold mine that operated between1991-1998. During this time, it produced approximately 435,000 oz. of gold at a historical grade of 0.7 gram per tonne from seven shallow pits.
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