Canadian Mining Journal

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OFFERING: Altius shares to be issued to raise $65M+

St. John's, Newfoundland – Altius Minerals Corp. has announced plans to make a $65 million offering of common shares with which to purchase coal mines and royalties. If the overallotment is fully subscribed as well, the total raised will...



St. John’s, Newfoundland – Altius Minerals Corp. has announced plans to make a $65 million offering of common shares with which to purchase coal mines and royalties. If the overallotment is fully subscribed as well, the total raised will be $74.75 million.

Altius intends to use the proceeds to in part finance it acquisition various coal and royalty interests in Saskatchewan and Alberta that currently belong to Sherritt International Corp. and its subsidiary Prairie Mines & Royalty, Westmorland Coal and certain other parties. Altius will pay a total of $240.9 million to own a 52.4% share of a new company, PMRL Royalty Business, holding the various assets. Altius will further spend $21 million to acquire Sherritt’s Carbon Development Partnership.

To fully fund the acquisitions, Altius plans to secure a $140-million non-revolving credit facility and various other loans.

Altius and Sherritt announced the acquisition of Prairie Royalties and the CDP portfolio closed on April 28, 2014.

Further information is available at AltiusMinerals.com.


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