Tacora Resources Inc., a portfolio company of Proterra Investment Partners LP, has filed an amendment to its proposed initial public offering (IPO). The company will issue between 6,578,947 and 7,812,500 common shares at an offering price of between $16.00 and $19.00 per share for gross proceeds of approximately $125,000,000.
BMO Capital Markets and Jefferies Securities, Inc. act as lead underwriters for the offering. Stikeman Elliott LLP and Torys LLP are acting as legal counsel to Tacora Resources and the underwriters respectively.
Grand Rapids, Minnesota based Tacora Resources has applied to list its shares on the Toronto Stock Exchange (TSX).
Tacora Resources was formed for the purpose of acquiring substantially all of the assets associated with the Scully Mine, an iron ore mine and processing facility located north of the Town of Wabush in Newfoundland and Labrador, Canada, together with the Wabush Lake Railway.
Tacora Resources is currently preparing for a re-start of iron ore mining and production activities at the Scully Mine.
Tacora Resources is controlled by Proterra M&M MGCA B.V. and MagGlobal LLC. Proterra M&M MGCA B.V. is managed by Proterra Investment Partners LP, an independent investment firm spun off from Cargill in January 2016. MagGlobal is an entity controlled by Larry Lehtinen, Tacora’s Executive Chairman & CEO.
Upon completion of the offering and based on the midpoint ($17.50) of the estimated price range, Tacora Resources will have 23,040,381 common shares issued and outstanding or 24,111,810 shares if the over-allotment option granted by the company is exercised in full.
Immediately following the closing of the offering, Proterra and MagGlobal would respectively control 50.68% and 13.03% of the issued and outstanding shares or 48.43% and 12.45% respectively if the over-allotment option is exercised in full.
photo credit: Tacora Resources