VANCOUVER, BC--(Marketwired - April 20, 2017) - Maverix Metals Inc. (the "Company" or "Maverix") (TSX VENTURE: MMX) is pleased to announce that it has completed the previously announced acquisition of a 2.5% net smelter return royalty on the Silvertip mine, located in British Columbia, Canada, from 0875786 B.C. Ltd. (the "Vendor"), a wholly owned subsidiary of Silvercorp Metals Inc. (the "Transaction").
To complete the Transaction, Maverix has issued 3,800,000 Common shares. The Vendor will be entitled to receive an additional 2,800,000 Common shares of Maverix ("Contingency Shares") when the Silvertip mine achieves (i) commercial production, and (ii) a cumulative throughput of 400,000 tonnes of ore through the processing plant (the "Milestone Events"). The Common shares issued to the Vendor will be subject to a statutory four-month hold period from the date of their issuance.
The agreement was negotiated at arm's length between Maverix and the Vendor. No brokerage or finder's fees were paid in association with the acquisition.
Maverix's primary purpose is to acquire and hold predominantly precious metals streams and royalties, and in so doing provide significant leverage to gold and silver prices for its shareholders. Maverix's mission is to increase underlying per share value by adding high-quality streams and royalties that offer robust returns to Maverix's portfolio.