Fasken advised Elemental Altus Royalties Corp. (“Elemental Altus”) in connection with a share exchange transaction with AlphaStream Limited (“AlphaStream”), pursuant to which Elemental Altus acquired an additional 50% ownership of entities holding 24 existing royalties from an affiliate of AlphaStream, being Alpha 1 SPV Limited, for consideration of US$28,000,000 (equivalent to C$37,889,039), paid in 34,444,580 newly issued common shares of Elemental Altus at a price of C$1.10 per share (the “Acquisition”). The royalty portfolio includes Elemental Altus’ existing producing gold royalties on the Bonikro Gold Project, the Ballarat Mine, South Kalgoorlie Operations and 21 additional royalties located in Australia.
Immediately following the Acquisition, Elemental Altus also completed a private placement to La Mancha Investments S.à r.l (“La Mancha”) following the exercise of La Mancha’s anti-dilution rights (the “Private Placement”). Pursuant to the Private Placement, La Mancha subscribed for 16,141,940 common shares of Elemental Altus at a price of C$1.10 per share for aggregated gross proceeds of C$17,756,134.
Fasken advised Elemental Altus Royalties Corp. with a team comprised of John Sabetti, Justine Connors and Brittany Vanword.
Jurisdiction
- Ontario
