- Press Releases
March 3 (Renewables Now) - Altius Renewable Royalties Corp (TSE:ARR), a majority-owned subsidiary of Canada's Altius Minerals Corporation (TSE:ALS), today announced the completion of its initial public offering (IPO) through which it raised CAD 100 million (USD 79m/EUR 65.6m) gross.
The company has sold 9.1 million common shares at a price of CAD 11.00 apiece. It could raise up to an additional CAD 15 million if the underwriters exercise in full the 30-day option granted to them to buy a maximum of 1.365 million additional shares to cover over-allotments.
Following the IPO, Altius Minerals holds a stake of about 61% in Altius Renewable, but that interest could be reduced to 58% if the over-allotment option is utilised in full.
The syndicate of underwriters is led by TD Securities Inc and Scotia Capital Inc and includes Raymond James Ltd, Cormark Securities Inc, Canaccord Genuity Corp, Laurentian Bank Securities Inc, National Bank Financial and Haywood Securities Inc are underwriters.
Altius Renewable is engaged in the provision of long-term, royalty level investment capital to developers, operators and originators of renewable energy projects.
“With almost 1,200 MW of development projects made subject to royalty thus far, we embrace the challenge of creating further growth and positive impact,” commented CEO Brian Dalton.
(CAD 1.0 = USD 0.791/EUR 0.656)