Ecuador-focused miner SolGold
(TSX: SOLG; LSE: SOLG) said today that it had received $100 million from streaming company Franco-Nevada
(TSX: FNV; NYSE: FNV), which it will use to progress its Alpala copper-gold project through to final feasibility and a development decision.
The funding is part of a net-smelter royalty finance agreement (NSR) between the parties agreed in May, which guarantees Franco-Nevada a perpetual 1% NSR.
Franco-Nevada, which provides natural resource companies with upfront cash in exchange for future production, advanced to SolGold US$100 million under the agreement, less the amount of outstanding principal and interest under a US$15 million secured bridge loan.
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