Why the Calidus (ASX:CAI) share price is dipping today

The Calidus Resources Ltd (ASX: CAI) share price has slipped lower today. This comes after the company purchased Warrawoona profit royalty in a bid to free up cash flow for the life of the gold mine.

At the time of writing, the Calidus share price is 1.04% lower to 47.5 cents. In comparison, the S&P/ASX 200 Materials Index (ASX: XMJ) is following a similar fate, down 0.6% to 16,401 points.

What did Calidus announce?

Calidus told the market today it has bought a 1.25% profit royalty over two tenements located in the Warrawoona Gold Project.

The company paid $45,000 and issued 750,000 Calidus shares to the executors of the estate for life of mine royalty.

Calidus said there remained one other 1.25% profit royalty over the tenements….