Blue Moon ($MOON.V) has agreed to buy back a 10-per-cent net profit interest (NPI) on the company’s 100-per-cent-owned Blue Moon zinc project. The NPI was originally issued in 1987 pursuant to a transaction between Westmin Resources (now Boliden) and Colony Pacific Exploration (now Imperial Metals). The current NPI holder, Northern Empire Resources, has agreed to accept $20,000 cash and the issuance of three million common shares of the company in return for the buyback. Good sign for shareholders that they are taking such a large chunk in shares.
Take a look at this Video as well:
Patrick McGrath, CEO and Director, Blue Moon Zinc
CEO Patrick McGrath stated: “The buyback of the NPI solidifies our ownership and economic interest in the Blue Moon project. We believe the buyback will be accretive to the project and deliver significant value to our shareholders over the long term including our preliminary economic assessment (PEA) expected later in Q1 2018.”
The Blue Moon polymetallic deposit has a mineral resource estimate of 3.7 million indicated tons with a grade of 8.3 per cent zinc equivalence including approximately 377 million pounds of zinc and 4.1 million inferred tons with a grade of 7.8 per cent zinc equivalence including approximately 395 million pounds of zinc with significant credits of copper, silver and gold. The resource is open at depth and along strike and historical metallurgical testing indicates excellent recovery and a clean zinc concentrate. Blue Moon plans to advance the zinc project through to feasibility, permitting and ultimately production. Giddy up.
Rye Patch ($RPM.V) has announced a $15 million bought deal through PI yesterday, for $1.30 per unit (full 2 year warrant at a $1.65). The net proceeds of the offering will be used for debt, working capital and ramping-up of the Florida Canyon mine.
Hive Blockchain ($HIVE.V) has completed the first phase of a multiphase build-out of a large-scale, graphics-processing-unit-based mining complex in Sweden. HIVE’s Sweden Phase 1 operation commenced mining Ethereum on January 15, 2018 and increases the Company’s energy consumption dedicated to cryptocurrency mining by over 175% to 10.6MW. HIVE is fully financed to add an additional 13.6MW of GPU mining capacity in Sweden by April 2018 and a further 20.0MW of ASIC mining capacity, facilities capable of mining Bitcoin and Bitcoin Cash, by September 2018. HIVE’s expansion into Sweden diversifies the Company’s existing operations located in Iceland, where it has been producing newly mined digital currency continuously since September 2017.
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None of the companies mentioned are clients nor are they advertisers. The author does own shares in Blue Moon $MOON.V.