Globex Mining Enterprises Inc. has taken an 11.1% stake in NSGold Corp. after they reached a new deal covering the Mooseland gold project in Nova Scotia.
NSGold acquired the project and certain secondary properties from Globex under an April 2010 agreement, in exchange for a 4% gross metal royalty as well as the issuance of shares equivalent to 5% of NSGold's share capital upon any of the assets reaching production.
The new deal will eliminate the conditional share issuance and reduce the gross metal royalty to 2%. It will also see NSGold issuing 1,745,408 shares to Globex, giving the latter an approximately 11.1% stake.
A June 2012 estimate pegged inferred resources for Mooseland at 454,000 ounces of gold grading 5.60 g/t within 2.5 million tonnes using a 2.6 g/t cutoff.