SilverCrest Mines Inc. (SVL.V) said it received the US$12 million advance purchase payment under the definitive gold purchase agreement with Sandstorm Resources Ltd. (SSL.V).
In addition, the company noted that Sandstorm agreed to buy 20% of the life of mine gold production from SilverCrest's Santa Elena project for US$12 million upfront in cash plus (a) ongoing per ounce payments equal to the lesser of (i) US$350, and (ii) the then prevailing market price per ounce of gold, and (b) the issuance of 3.50 million common shares of Sandstorm as part of the upfront consideration.
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