Company Silver Crown Offers Business Update
In the mining industry, events can unfold rapidly, and one such situation is currently unfolding with Gold Mountain Mining Corp. and its subsidiaries, including Elk Gold Mining Corporation, which have been placed under receivership proceedings due to an inability to pay approximately $11.16 million in debt. One company closely watching this development is Silver Crown Royalties Inc., which holds a royalty on the Elk Gold project.
Silver Crown's CEO, Peter Bures, has stated that the company's strategy of prudent royalty agreements and diversification is designed to mitigate risks from such events. Despite Gold Mountain's financial difficulties, the CEO expects Silver Crown to maintain growth and revenue momentum. However, the receivership means the day-to-day operations and assets are now controlled by an appointed receiver (MNP LLP), which could affect the Elk Gold royalty revenue depending on the outcome of the receivership process.
Another factor that could potentially impact Silver Crown's royalty interests is the announcement by Element79 Gold Corp. of an agreement to acquire the Gold Mountain Project assets. The progress and terms of this acquisition could influence the future management and development of these assets, indirectly affecting Silver Crown's royalty interests.
Silver Crown Royalties Inc. currently holds four silver royalties, three of which are revenue-generating. The company aims to minimise the economic impact on mining projects while maximising returns for shareholders, a goal that is central to its business model.
The company is taking a proactive approach, closely monitoring the situation and will update its shareholders and the market of any material developments. It's important to note that the continuous disclosure documents of Silver Crown Royalties Inc. are available under the Company's profile on SEDAR+ at sedarplus.ca.
Silver Crown Royalties Inc. (SCRI, OTC: SLCRF, OTCQX: SLCRF, FRA: QS0) is a publicly traded, silver royalty company founded by industry veterans. For further information, please contact Silver Crown Royalties Inc. directly at [email protected] or (416) 481-1744.
It's essential to remember that the mining industry is subject to various risks, uncertainties, and contingencies. Factors that could cause actual results to differ materially from those contained in forward-looking statements include, but are not limited to, industry conditions, fluctuations in the price of primary commodities, fluctuations in foreign exchange rates and interest rates, and the potential impact of epidemics, pandemics, or other public health crises.
CBOE Canada does not accept responsibility for the adequacy or accuracy of this news release. This document does not constitute an offer to sell or a solicitation of an offer to buy securities of the Company. Any such offering will be made only pursuant to subscription documentation between the Company and prospective purchasers. Silver Crown Royalties Inc. does not guarantee the accuracy of forward-looking statements and undertakes no obligation to update them.
In summary, Silver Crown Royalties Inc. is not directly in receivership but holds royalties affected by Gold Mountain’s financial distress. Their diversified approach aims to buffer financial impact, while the receivership and potential asset acquisition by Element79 introduce uncertainty about future royalty income from Elk Gold. The company remains vigilant and committed to its shareholders, closely monitoring the situation and prepared to act accordingly.
- In light of Gold Mountain Mining Corp.'s financial difficulties, Silver Crown Royalties Inc., a silver royalty company, has being actively monitoring the situation, as the current events could potentially affect their royalty interests in the Elk Gold project.
- Silver Crown's CEO, Peter Bures, stated that the company's strategy of prudent royalty agreements and diversification is designed to mitigate risks from such events, addressing the uncertainties posed by the receivership of Gold Mountain and the potential acquisition of Gold Mountain Project assets by Element79.
