Altius Minerals (TSX:ALS) plans to raise C$181.5 million (A$184.7 million) through a bought-deal offering to strengthen its balance sheet, following a series of royalty acquisitions this year.
The company will issue 3 million common shares at C$60.50 each, representing a discount to the previous closing price.
National Bank Financial, Scotia Capital, and TD Securities are acting as underwriters.
Altius expects the offering to close on 21 July.
Proceeds will strengthen the company’s balance sheet after several recent investments in royalty assets.
In March, Altius completed its C$520 million acquisition of Lithium Royalty, adding a portfolio of 38 royalty assets.
The company also acquired a 9.9% stake in TNR Gold (TSX-V:TNR) in April, expanding its exposure to copper and lithium royalties in Argentina.
In the renewable energy sector, Altius’ Great Bay joint venture completed a US$73 million (A$111.7 million) investment with Apex Clean Energy in June relating to the 311MW Coles Wind project in Illinois.
Last week, Altius increased its ownership of Great Bay to 50%, providing greater exposure to a royalty portfolio covering 9GW of generation capacity.
Altius Minerals engages in the mineral and renewable royalties and project generation businesses in Canada, Brazil, and the US.
Write to Jackson Chen at Mining.com.au
Image: Altius Minerals | X
