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Sandspring Satisfies a Condition Under Silver Stream Agreement |
April 29, 2015
DENVER, COLORADO--(Marketwired - April 28, 2015) - Sandspring Resources Ltd. ("Sandspring" or the "Company") (TSX VENTURE:SSP) is pleased to announce that it has satisfied a condition to the payment of the first US$500,000 installment of the early deposit under the precious metals purchase agreement (the "PMPA") with Silver Wheaton (Caymans) Ltd. ("Silver Wheaton"), a subsidiary of Silver Wheaton Corp. (TSX:SLW)(NYSE:SLW) by issuing 2,023,104 common shares of Sandspring stock in repayment of a loan (the "Repayment") from a director of Sandspring to the Company in the amount of US$130,000 plus accrued interest. The shares were converted to equity upon receipt of approval of the Repayment from the TSX Venture Exchange (the "TSXV") based on the closing price of Sandspring common shares on April 24, 2015. The loan transaction constitutes a "related party transaction" as that term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from both the formal valuation and minority shareholder approval requirements of MI 61-101 in connection with the loan transaction on the basis of meeting the exemption requirements of Sections 5.5(b) and 5.7(a) of MI 61-101" (i.e. as a TSXV issuer the Company is not listed on a specified exchange and the fair market value of the transaction does not exceed 25% of the Company's market capitalization).
http://www.marketwired.com/mw/release.do?id=2014357&sourceType=3
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