TSXV: CAA
VANCOUVER, Jan. 27, 2015 /CNW/ - Callinan Royalties
Corporation ("Callinan," the 'Company') (TSXV: CAA) reports today
that the previously announced transactions with Wallbridge Mining
Company Limited ("Wallbridge") (TSX: WM) and Gold Royalties
Corporation ("Gold Royalties") (TSXV: GRO) have both closed,
resulting in cash payments to Callinan of approximately
$9 million.
We retain a strong share position in both entities with a
continued interest in their future development. In the case of
Wallbridge, we are shareholders and maintain our rights to acquire
future Net Smelter Return (NSR) royalties in properties that
Wallbridge may develop in the prolific Sudbury camp. In the case of Gold Royalties,
we have received shares representing 9.9% of Gold Royalties' issued
and outstanding shares.
As a lender to both entities, Callinan has been repaid principal
and interest ahead of maturity, and now has a current cash position
of approximately $33 million for
redeployment in value-generating royalty investments.
About Callinan Royalties
Callinan Royalties Corporation is one of the oldest public
listings in Canada and one of the
first contributors to the development of the Flin Flon, Manitoba copper-zinc district.
Callinan currently holds a portfolio of royalties including its
cornerstone 4% NSR on the Hudbay 777 Mine.
The Company invests its royalty income to provide alternative
financing options to mineral exploration and development companies
with attractive projects and excellent management.
Callinan is a dividend paying Tier 1 company currently listed on
the TSX Venture Exchange under the symbol CAA, and has received
conditional approval for graduation to the Toronto Stock Exchange.
The Corporation has a strong financial position with no debt,
recurring annual cash flow from the 777 royalties and approximately
49.3 million shares outstanding.
For more information, please visit www.callinan.com or
contact:
Glenn Brown, CEO - Extension
3 or Flora Wood, Corporate Communications -- Extension
4
1-604-424-8639
shareholder@callinan.com
Corporate Office:
770 - 475 West Georgia Street
Vancouver, BC
Canada, V6B 4M9
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain of the information presented in
this News Release may constitute "forward-looking statements" or
"forward-looking information" within the meaning of Canadian
securities legislation (together referred to as "forward-looking
statements"). The forward-looking statements are subject to risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such
forward-looking statements, including any delays in the receipt of
consents or approvals. Although Callinan Royalties has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this News Release and in any document
referred to in this News Release. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the
date the statements are made and Callinan Royalties undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law.
SOURCE Callinan Royalties Corporation