The terms of a financing agreement were settled between Formosa Resources (VSE) and its major shareholder, respecting the US$2.09 million advanced to Formosa for ongoing operating expenses.
The company operates a polymetallic mine in Oregon and, in return for the financing, agreed to pay its largest shareholder a 3% net smelter return (NSR) royalty on production from properties in and around the Silver Butte mine.
This will be reduced to 2% where properties are already subject to an earlier 2% NSR royalty in favor of Formosa President, Kuang Lu.
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