BRIEF-Terraco Gold to exercise spring valley royalties

Mon May 16, 2016 10:29am EDT
 
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May 16 (Reuters) - Terraco Gold Corp :

* Terraco to exercise spring valley royalties and enters into $19 mln strategic transaction

* Has entered into definitive agreements with Solidus Resources LLC, a wholly-owned unit of Waterton Precious Metals Fund II Cayman LP

* Waterton will buy 100 pct of co's claims, leases, title and mineral rights proximate to waterton's spring valley gold project in Nevada

* Waterton to buy 100 pct of co's claims, leases, title and mineral rights in exchange for $7 million in cash and a 2 pct NSR on SV proximal assets

* Concurrently with asset purchase, Waterton to subscribe for senior unsecured convertible debenture in amount of $12 million in TGC Holdings Source text for Eikon: Further company coverage: