Lithium Royalty Corp said it will raise approximately C$150 million through an initial public offering (IPO) of its shares to acquire royalties to expand its Lithium Focus portfolio, in addition to redeeming common stock, paying contingent royalties and other general corporate purposes .
Toronto-based Lithium Royalty has a portfolio of 29 royalty mineral properties around the world, covering two operating mines and four mines under construction.
The company said in a statement on Feb. 23 that the offer price is currently expected to range between C$16 and C$19, provided that the underwriters’ over-allotment option to purchase up to an additional 15% of the common shares sold is not exercised at the time of the offering.
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The IPO will be led by Canaccord Genuity Corp and Citigroup Global Markets Canada Inc along with TD Securities Inc, Cormark Securities Inc, National Bank Financial Inc, BMO Capital Markets, Scotiabank, Raymond James Ltd and Red Cloud Securities Inc as underwriters, it added.
The Company announced that it has filed an Amended and Restated PREP Preliminary Base Prospectus, amending and restating the PREP Preliminary Base Prospectus dated February 21, 2023, which has yet to be completed or amended.
There will be no sale or acceptance of an offer to purchase the shares until a receipt has been issued for the final PREP base prospectus, Lithium Royalty said.
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