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Maverix Metals to purchase 2.5% royalty on Silvertip mine

Maverix Metals Inc. said April 5 that it entered an agreement with Silvercorp Metals Inc. unit 0875786 B.C. Ltd. to purchase a 2.5% net smelter royalty on the Silvertip silver mine in British Columbia.

Consideration for the deal is the payment of up to 6.6 million shares, with 3.8 million shares to be paid on the closing of the transaction and 2.8 million shares to be paid when the mine achieves commercial production and a throughput of 400,000 tonnes of ore through the processing plant.

The deal is expected to close on or before April 19.