November 18, 2016 10:06 ET
TORONTO, ONTARIO--(Marketwired - Nov. 18, 2016) - Excalibur Resources Ltd. ("Excalibur" or the "Company") (CSE:XBR)(CSE:XBR.CN)(OTC PINK:EXCFF)(FRANKFURT:X9CN) is pleased to announce that it has closed and funded the binding agreement with International Explorers and Prospectors Inc.("IEP") to acquire 100% of net smelter royalties ("NSR") on properties located in Timmins, Ontario. The first milestone of $1.5 million in cash and $1 million in shares (10 million) to close the transaction has been delivered. The balance of the $4.5 million cash and $3 million in common shares of Excalibur will be paid to IEP based on production milestones being achieved by the operators of the mines.
Summary of royalties:
"This transaction represents royalties on producing assets, with major counterparties, in a premier mining camp. As a new royalty and streaming company we are excited to work with IEP in helping to realize full value of this royalty portfolio," commented Brett Heath, President of Excalibur (Metalla Royalty and Streaming Ltd.).
Excalibur has granted 1.3 million options at $0.10 to directors, officers, and consultants of the company.
Excalibur Resources Ltd. is a precious metals royalty and streaming company engaged in the acquisition and management of precious metal royalties, streams and similar production based interests.
On behalf of the Board of Directors:
Tim Gallagher, Chairman & CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Excalibur Resources Ltd.Tim GallagherChairman & CEO416email@example.com / www.metallaroyalty.com
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