On September 7, 2023, Elemental Altus Royalties Corp. ("Elemental") completed the acquisition of two existing royalties from RCF Opportunities Fund L.P. for consideration of US$10 million, paid in 11,111,111 common shares of Elemental at a price of US$1.20 per common share.
The royalties acquired by Elemental include an aggregate 0.68% net smelter return royalty in the Cactus Copper Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc., and a 0.5% gross revenue royalty on the Nyanga Copper-Nickel Project in Gabon, which is 100% owned by Armada Metals Limited.
Fasken advised Elemental Altus Royalties Corp. in connection with this acquisition with a team comprised of John Sabetti, Alexis Shamess and David Pivrnec.
Jurisdiction
- Ontario
