Contingent Value Rights – 5.468%
Pursuant to a 2012 restructuring of convertible notes, we issued CVRs that entitle the holders to an aggregate of 5.468% of any future proceeds, net of certain deductions (including an income tax calculation and our then current obligations), actually received by us with respect to the Brisas Arbitration proceedings and/or disposition of the Mining Data related to the development of the Brisas Project. The estimated amount due pursuant to the terms of the CVR as of June 30, 2017, based on the income from the sale of the Mining Data of $99 million, is approximately $1.9 million. The Company had previously recorded an accrual of approximately $1.0 million related to the CVRs and as a result the CVR expense for the six months ended June 30, 2017 was approximately $0.9 million.
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