Royalty North Partners Ltd. (TSXV:RNP) signed a letter of intent to acquire 1.66% Net Profits Interest on Antamina Copper Mine from Sandstorm Gold Ltd. (TSX:SSL) on May 1, 2022. Royalty North Partners Ltd. (TSXV:RNP) signed a definitive agreement to acquire 1.66% Net Profits Interest on Antamina Copper Mine from Sandstorm Gold Ltd. (TSX:SSL) on July 22, 2022. Under the terms of letter of intent, Royalty North Partners will enter into a 1.66% silver stream with Sandstorm on Antamina mine, will pay Sandstorm $50 million in cash, which will be funded by way of subscription receipt, provide Sandstorm debenture with a principal amount of approximately $105 million and issue $26 million of shares. In addition Royalty North Partners will issue a royalty to Sandstorm with payments equal to approximately one-third of the total Antamina NPI. The transaction is subject to execution of definitive agreement, TSX Venture Exchange acceptance, disinterested Horizon shareholder approval, and Horizon raising $50 million. As of August 31, 2022, the transaction is expected to complete in second half of 2022. As of April 17, 2023, the financing is expected to be completed via a combination of a non-brokered private placement financing and the issuance of a convertible debenture. The proceeds from the RTO Part B Financing will be used to satisfy the $20 million cash component and the remaining cash component is expected to be provided through a secured convertible debt financing for approximately
$15 million, which is payable to Sandstorm to complete the acquisition of the 1.66% Net Profits Interest on Antamina Copper Mine. As on April 20, 2023, Horizon Copper closes private placement financing. Horizon's largest shareholder and in connection with RTO Part B, Sandstorm will maintain its existing 34% shareholding in Horizon. In conjunction with the transactions, Horizon expects Sandstorm's common equity holdings to increase from 25.5 million shares to 29.0 million shares, including 1,468,750 Units issued pursuant to the Private Placement. The completion of RTO Part B, which is expected to close in the first half of 2023.