February 25, 2021
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES ORDISSEMINATION IN THE UNITED STATES.
Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”) announced today that it has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement in respect of its initial public offering of 9,100,000 Common Shares (“Shares”) of the Company at a price ofC$11.00 per share (the “Offering Price”)for aggregate gross proceeds of C$100,100,000 (the “Offering”). The Offering is expected to close on March 3, 2021.
The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of ARR’s Shares pursuant to the TSX Sandbox requirements and otherwise subject to a $75 million minimum offering as well as other customary listing requirements. The Shares are expected to begin trading on the TSX on an "if, as and when issued basis" on February 26, 2021 under the symbol “ARR”.
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 has also granted to the Underwriters an over-allotment option to purchase up to an additional 1,365,000 Shares at the Offering Price resulting in total gross proceeds to the Company ofC$115,115,000 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.
Following the completion of the Offering, Altius Minerals Corporation (TSX: ALS) is expected to hold 15,638,639 common 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).
A copy of ARR’s supplemented PREP prospectus will be available on SEDAR at www.sedar.com on February 25, 2021.
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 contains “forward-looking information” within the meaning of applicable securities laws, including statements with regard to the closing of the Offering. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those described under “Risk Factors” in ARR’s final base PREP prospectus. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
No securities regulatory authority has either approved or disapproved the contents of this press release. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of the said Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
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