O3 first acquired a 50% interest in the Louvem project by issuing 4,546 common stock and granting Monarch a 0.5% NSR royalty, and then acquired the remaining 50% by paying C$10,000 cash. The NSR has a buyback of C$300,000. Eldorado will now assume the obligation of this royalty.
As for the NSR royalty retained by O3, Eldorado is granted the right to repurchase half of that (equal to a 0.25% NSR interest) from O3 for an immediate payment of C$250,000, to be paid in a lump sum.
The sale provides O3 with additional funds to advance its portfolio of gold exploration assets in Val-d’Or, which span more than 650 sq. km. Together, these projects host 2.86 million gold ounces of measured and indicated resources at 1.18 g/t, and 770,000 gold ounces of inferred resources at 3.04 g/t.
Eldorado is owner of the Lamaque mine complex in Val-d’Or, consisting of the Triangle gold deposit located 2.5 km south of the historic world-class Lamaque…
