DENVER BUSINESS JOURNAL - Denver-based gold company Newmont Mining is trading its royalties and future purchase contracts to a Canadian business in exchange for a 28 percent ownership interest in the company and $17 million.
Newmont (NYSE: NEM) announced the partnership deal with Maverix Metals Inc. (TSX: MMX) on Tuesday.
The gold and copper mining giant is selling to Maverix a portfolio of royalties from 54 precious metals, Newmont announced.
That comes in exchange for the $17 million cash. Newmont also gets 60 million shares of Maverix common stock — worth $98.4 million at Maverix's mid-day trading price of $1.64 per share Tuesday — plus warrant for another 10 million shares.
