On November 17, 2017, McChip Resources Inc. (TSXV: MCS) announced that it had successfully closed the previously announced sale of certain of its mineral rights in the Rocanville area of Saskatchewan pursuant to a purchase and sale agreement dated November 1, 2017. The purchaser, Altius Royalty Corporation, is a wholly owned subsidiary of Altius Minerals Corporation (TSX: ALS).
Pursuant to the terms of the agreement, Altius Royalty paid $3 million on closing and in addition, agreed to pay to McChip an annual royalty of $500,000 for a term of ten years, conditional on certain potash production levels and grades of potash ore being maintained on an annual basis during the term of the agreement.
Miller Thomson advised McChip on this transaction with a team that included Dezarae Senft and Konstantin Starostin.
