Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”) announced today it has completed its initial public offering (the “Offering”) of 9,100,000 common shares (“Shares”) at a price of C$11.00 per share (the “Offering Price”) for total gross proceeds of C$100,100,000.
Following the completion of the Offering, Altius Minerals Corporation (TSX: ALS) is expected to hold 15,638,639 Shares of the Company or approximately 61% of the issued and outstanding Shares of the Company (or approximately 58% of the issued and outstanding shares of the Company if the over-allotment option is exercised in full).
The Shares previously commenced trading on the Toronto Stock Exchange under the symbol “ARR” on February 26, 2021 on an "if, as and when issued basis". Following the closing of the Offering the Shares will now trade on the TSX on a “regular basis”.
The Offering is being made through a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., together with a syndicate comprised of Raymond James Ltd., Cormark Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., National Bank Financial and Haywood Securities Inc. (collectively, the “Underwriters”).The Company granted to the Underwriters an over-allotment option to purchase up to an additional 1,365,000 Shares at the Offering Price for additional gross proceeds to the Company of up to C$15,015,000 if the option is exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the Offering.
Brian Dalton CEO of ARR commented, “On behalf of the team I would like to thank our new shareholders for the trust they have placed in us to execute on the building of an innovative renewable energy royalty business that will contribute directly to enabling of the energy transition. With almost 1200 MW of development projects made subject to royalty thus far, we embrace the challenge of creating further growth and positive impact.”
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the final prospectus of the Company dated February 24, 2021. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.