Nova Completes Acquisition of Additional Royalty on Hudbay’s Copper World Complex

SEATTLE (Scrap Monster: Nova Royalty Corp. ("Nova" or the "Company") (TSXV: NOVR) (OTCQB: NOVRF) is pleased to announce that, further to its news release dated July 5, 2023, it has completed its acquisition (the "Transaction") of an additional 0.03% net smelter return ("NSR") royalty (the "Additional Royalty") on the Copper World Complex project ("Copper World") located in Arizona, USA, owned by Hudbay Minerals Inc. ("Hudbay") (TSX: HBM) (NYSE: HBM). Nova now holds a 0.315% NSR royalty on Copper World and retains a right of first refusal in respect of an additional 0.360% NSR royalty on Copper World (the "ROFR").

The aggregate purchase price for the Transaction included upfront consideration of $340,000 in cash and $170,000 in common shares of Nova ("Consideration Shares"), of which Nova issued 134,646 Consideration Shares at C$1.6716 per Consideration Share, calculated based on the 20-day volume weighted average trading price of the common shares of Nova up to and including the effective date of the Transaction agreement.

An additional $890,000 in cash will be payable as follows:

·         $150,000 in cash, payable 12 months after closing of the Transaction; and

·         $740,000 in cash, payable at the later of: (i) 12 months following the announcement of the commencement of production from the royalty area; and (ii) the receipt by Nova of the first three payments under the Additional Royalty.

Other terms of the Transaction were disclosed in Nova's news release dated July 5, 2023.

Courtesy: www.finance.yahoo.com