Last C$0.33 CAD
Change Today +0.005 / 1.54%
Volume 116.8K
SSP On Other Exchanges
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As of 2:53 PM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

sandspring resources ltd (SSP) Snapshot

Open
C$0.33
Previous Close
C$0.33
Day High
C$0.33
Day Low
C$0.33
52 Week High
03/14/14 - C$0.44
52 Week Low
07/12/13 - C$0.15
Market Cap
43.7M
Average Volume 10 Days
145.7K
EPS TTM
C$-0.12
Shares Outstanding
132.4M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for SANDSPRING RESOURCES LTD (SSP)

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sandspring resources ltd (SSP) Details

Sandspring Resources Ltd., a resource exploration company, engages in the exploration and development of mineral properties in the Republic of Guyana, South America. It primarily focuses on the Toroparu gold-copper prospect, which consists of 100% controlled Upper Puruni property comprising a claim block of 167 contiguous medium scale prospecting permits, 13 medium scale mining permits, and 7 small scale claim licenses covering an area of 74,742 hectares; and 5 contiguous prospecting licenses that cover an area of 23,471 hectares located west of Georgetown in the Upper Puruni river area, Guyana. The company is based in Centennial, Colorado.

sandspring resources ltd (SSP) Top Compensated Officers

Chief Executive Officer, Corporate Secretary ...
Total Annual Compensation: C$274.9K
President and Chief Operating Officer
Total Annual Compensation: C$106.6K
Chief Financial Officer
Total Annual Compensation: C$224.9K
Executive Vice President and Director
Total Annual Compensation: C$199.9K
Vice President of Exploration
Total Annual Compensation: C$300.0K
Compensation as of Fiscal Year 2012.

sandspring resources ltd (SSP) Key Developments

Sandspring Resources Ltd. Auditor Raises 'Going Concern' Doubt

Sandspring Resources Ltd. filed its Annual on Apr 11, 2014 for the period ending Dec 31, 2013. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Sandspring Resources Receives First Draw Down Under its Streaming Agreement with Silver Wheaton

Sandspring Resources Ltd. announced that it has received the initial draw down of $13.5 Million from Silver Wheaton (Caymans) Ltd., pursuant to the terms of the precious metals purchase agreement that was announced in November. Under the agreement, Silver Wheaton agrees to pay Sandspring total cash consideration of $148.5 million plus an ongoing production payment of the lesser of $400 (subject to a 1% annual inflation adjustment starting in the fourth year after the completion test is satisfied) and the prevailing market price for 10% of the life of mine payable gold production from the company's Toroparu Project in Guyana S.A. The Initial drawdown was payable upon meeting certain conditions which have now been satisfied. The proceeds from the Initial Drawdown will be used primarily for advancement of the final feasibility documentation for the Toroparu Project. The balance of the $148.5 million is subject to Silver Wheaton's election to proceed and is payable in installments during construction of the Toroparu Project once all necessary mining licenses have been obtained and conditions pertaining to final feasibility, the availability of project capital finance, the granting of security to Silver Wheaton and other customary conditions are satisfied. If following receipt of feasibility documentation, or after December 31, 2015 if feasibility documentation has not been delivered, Silver Wheaton elects not to proceed, Sandspring may elect to either return $11.5 million to Silver Wheaton and terminate the agreement or to reduce the stream percentage from 10% to 0.774%.

Sandspring Resources Ltd. Completes USD 148.5 Million Precious Metals Streaming Agreement with Silver Wheaton

Sandspring Resources Ltd. announced that it has entered into a precious metals purchase agreement with Silver Wheaton Corp. (Silver Wheaton) under which Silver Wheaton, through its wholly owned subsidiary, Silver Wheaton (Caymans) Ltd., will pay Sandspring upfront cash payments totaling USD 148.5 million for 10% of the payable gold production from the Company's Toroparu Mine in Guyana S.A. In addition, Silver Wheaton will make ongoing payments to Sandspring of the lesser of the market price and USD 400 per payable ounce of gold delivered to Silver Wheaton over the life of the Toroparu Project, subject to a 1% annual increase starting after the third year of production. Upon satisfaction of certain conditions, Sandspring is entitled to an initial draw down of USD 13.5 Million of the cash payment to be used primarily for advancement of the final feasibility documentation for the Toroparu Project. The balance of the USD 148.5 Million is subject to Silver Wheaton's election to proceed and is payable in installments during construction of the Toroparu Project once all necessary mining licenses have been obtained and conditions pertaining to final feasibility, the availability of project capital finance, the granting of security to Silver Wheaton and other customary conditions are satisfied. If following receipt of feasibility documentation Silver Wheaton elects not to proceed, Sandspring may elect to either return USD 11.5 million to Silver Wheaton and terminate the agreement or reduce the stream percentage from 10% to 0.774%.

 

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