Strongbow Exploration Inc. closed a loan settlement agreement with Osisko Gold Royalties Ltd. worth C$1.5 million in return for the transfer of a royalty on Westhaven Ventures Inc.'s Shovelnose gold project in British Columbia.
The loan was granted to Strongbow in 2016 to purchasing a 4% net smelter royalty on the MacTung tungsten project in Canada's Yukon Territory and a 1% NSR related to the Cantung tungsten project in the Northwest Territories.
Under the agreement, Strongbow will transfer ownership of the Shovelnose royalty to Osisko for a purchase price equal to the amount of the loan Osisko provided to Strongbow.
The Mactung and Cantung projects are owned by the government of the Northwest Territories and the federal government of Canada, respectively. These governments are seeking investors to acquire and advance the projects.
