JOHANNESBURG (miningweekly.com) – Shares in Toronto-based mining investment company Aberdeen International climbed on Wednesday after the company announced an agreement to sell royalties in two South African gold mines to Premier Gold Mines’ new royalty vehicle, launched late last year.

Under the deal, Premier Royalty Corp will pay $20.9-million for the 1% net smelter royalties at the Buffelsfontein and Mine Waste Solutions operations, with $11.5-million of that being in cash and the remainder in a convertible debenture.

If Premier Royalty, which is a 100%-owned unit of TSX-quoted Premier Gold, floats its shares, the debenture automatically converts into stock in the public company.