- Nuheara (NUH) is selling its remaining mining royalty asset to SilverStream SEZC, a wholly-owned subsidiary of Vox Royalty Corp
- The company will sell its 0.5 per cent net smelter royalty (NSR) from the El Molino project in Peru to Vox for US$50,000 (A$70,540) worth of Vox shares.
- Nuheara currently holds the royalty through its 80-per-cent-owned subsidiary, Terrace Gold
- The company’s core business revolves around medical hearing devices and hearing aid products.
- NUH shares are down 12.9 per cent to 14 cents each at 11:17 am AEST.
Nuheara (NUH) has agreed to sell its remaining mining royalty asset to SilverStream SEZC, a subsidiary of TSX-V-listed Vox Royalty Corp.
The company will sell its 0.5 per cent net smelter royalty (NSR) from the El Molino project in Peru to Vox for US$50,000 (A$70,540) worth of Vox shares.
Nuheara said it would then receive another US$450,000 (A$635,000) in either cash or Vox shares following the registration of the El Molino royalty rights on the applicable mining title and the satisfaction of other customary completion conditions.
Nuheara currently holds the royalty through its 80-per-cent-owned subsidiary, Terrace Gold.
The El Molino claim is part of the integrated pre-feasibility stage El Galeno porphyry copper-gold-molybdenum-silver property and is owned and operated by China Minmetal Non-Ferrous Metals (60 per cent) and by the Jiangxi Copper Company (40 per cent).
In March 2008, the prior El Galeno project operator, Northern Peru Copper, was acquired in a takeover by an acquisition corporation owned by China Minmetals and Jiangxi Copper.
Nuheara’s core business revolves around medical hearing devices and hearing aid products.
NUH shares were down 12.9 per cent to 14 cents each at 11:17 am AEST.