On October 24, 2022, Trigon Metals Inc., a Canadian copper and silver exploration and development company listed on the TSX Venture Exchange, signed a definitive agreement with Sprott Private Resource Streaming and Royalty (B) Corp. and Sprott Mining Inc. for a US$37.5 million silver and copper stream for its Kombat Mine located in Grootfontein, Otjozondjupa Region of Namibia.
Pursuant to the transaction, Trigon has agreed to sell and deliver to the investors silver and copper produced from the Kombat Mine. Proceeds will primarily be used to expand the plant capacity, complete ongoing works to dewater the mine, and develop the Asis West underground mine at Trigon’s Kombat Mine. C$5.5 million from the initial advance was used to repay the principal under the Trigon’s Convertible Security Funding Agreement with a third party lender who was also issued common shares of Trigon in satisfaction of pre-paid interest obligations.
Cassels acted for Trigon Metals.