CPE News (5/10/2021) – Triple Flag Precious Metals Corp., a portfolio company of Elliott Investment Management L.P., has filed a preliminary base PREP prospectus in connection with a proposed initial public offering of common shares.
The offering will consist of a treasury offering of 19,230,770 common shares, expected to be price between US $11.50 and US $14.50, for gross proceeds of between US $221,153,855 and US $278,846,165, or approximately US $250 million, at the mid-point of the range, assuming no exercise of the underwriters’ over-allotment option.
Triple Flag Precious Metals has applied to list its common shares on the Toronto Stock Exchange (TSX) in Canadian dollars under the symbol “TFPM” and in U.S. dollars under the symbol “TFPM.U.”
Triple Flag Precious Metals currently has 135,903,392 common shares outstanding on non-diluted basis. Elliott Investment Management, through various funds, controls 100% of the outstanding common shares. Following the closing of the offering, Elliott Investment Management will own approximately 87.6% of the issued and outstanding common shares, or approximately 86.0% if the over-allotment option is exercised in full.
Formed in April 2016 and led by founder & CEO Shaun Usmar, Toronto based Triple Flag Precious Metals Corp. is a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry. Triple Flag Precious Metals has 75 assets, including 9 streams and 66 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 15 producing mines and 60 development and exploration stage projects.
On December 11, 2019, Triple Flag Precious Metals withdrew its preliminary base PREP prospectus filed on November 4, 2019 and amended on November 22, 2019 pursuant to which Triple Flag Precious Metals had proposed to issue 20,000,000 common shares at an offering price of between C$15.00 and C$18.00.
photo credit: Northparkes Mine, Triple Flag Precious Metals
News Release
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWS WIRE SERVICES
Toronto, May 10, 2021
Triple Flag Files Preliminary Prospectus for Initial Public Offering of Common Shares
Triple Flag Precious Metals Corp. (“Triple Flag”) today announced that it has filed a preliminary base PREP prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed initial public offering of common shares (the “Offering”). The Offering contemplates a treasury offering of common shares of Triple Flag. The offering price is currently expected to be between US$11.50 and US$14.50, to realize gross proceeds of approximately US$250 million, at the mid-point of the range, assuming no exercise of the underwriters’ over-allotment option. Net proceeds from the Offering will be used for the repayment of existing indebtedness.
The Offering is being co-led by BofA Securities, Credit Suisse, and Scotiabank together with CIBC Capital Markets, BMO Capital Markets, National Bank Financial, RBC Capital Markets and TD Securities Inc. as underwriters.
The preliminary base PREP prospectus contains important information relating to Triple Flag, the common shares and the Offering and is still subject to completion or amendment. Copies of the preliminary base PREP prospectus are available from the lead underwriters (BofA Securities at dg.prospectus_requests@bofa.com, Credit Suisse at olivier.demet@credit-suisse.com and Scotiabank at equityprospectus@scotiabank.com). There will not be any sale or any acceptance of an offer to buy the common shares until a receipt for the (final) base PREP prospectus has been issued.
No securities regulatory authority has either approved or disapproved the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities of Triple Flag in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Triple Flag
Triple Flag is a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry. Our mission is to be a sought-after, long-term funding partner to mining companies throughout the commodity cycle. Since our inception in 2016, we have constructed a diversified portfolio of streams and royalties providing exposure primarily to gold and silver in the Americas and Australia. We have 75 assets, including 9 streams and 66 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 15 producing mines and 60 development and exploration stage projects. References to Triple Flag mean Triple Flag Precious Metals Corp., together with its wholly-owned subsidiaries.
Contact Information
Inquiries:
James Dendle
Vice President, Geology & Investor Relations
+1 (416) 304-9770
ir@tripleflagpm.com