Altius Renewable Royalties closes $100.1-million IPO

Altius Renewable Royalties Corp. [ARR-TSX] completed its initial public offering of 9.1 million common shares at a price of $11 per share for total gross proceeds of $100.1-million.

Following the completion of the offering, Altius Minerals Corp. [ALS-TSX; ATUSF-OTCQX] is expected to hold 15,638,639 shares of the company, or approximately 61% of the issued and outstanding shares of the company (or approximately 58% of the issued and outstanding shares of the company if the overallotment option is exercised in full).

Altius Renewable shares commenced trading on the Toronto Stock Exchange under the symbol ARR on February 26, 2021, on an if-, as- and when-issued basis. Following the closing of the offering, the shares will now trade on the TSX on a regular basis.

The offering was made through a syndicate of underwriters co-led by TD Securities Inc. and Scotia Capital Inc., together with a syndicate comprising: Raymond James Ltd., Cormark Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., National Bank Financial and Haywood Securities Inc. The company granted to the underwriters an overallotment option to purchase up to an additional 1,365,000 shares at the offering price for additional gross proceeds to the company of up to $15,015,000 if the option is exercised in full. The overallotment option can be exercised for a period of 30 days from the closing date of the offering.

Brian Dalton, CEO of Altius Renewable Royalties, said: “On behalf of the team, I would like to thank our new shareholders for the trust they have placed in us to execute on the building of an innovative renewable-energy royalty business that will contribute directly to enabling of the energy transition. With almost 1,200 megawatts of development projects made subject to royalty thus far, we embrace the challenge of creating further growth and positive impact.”

Altius Renewable Royalties is a recently formed renewable-energy company whose business is to provide long-term, royalty-level investment capital to renewable-power developers, operators and originators. The company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable-energy sector as it fulfills its critical role in enabling the global energy transition.