Altius and Fairfax close strategic investment transaction
On April 26, 2017, Altius Minerals Corporation ("Altius") announced the successful close of its previously announced transaction with Fairfax Financial Holdings Limited, through certain of its subsidiaries (collectively, "Fairfax"), pursuant to which Fairfax agreed to invest up to C$100 million in Altius.
Fairfax agreed to purchase, on a private placement basis, 5% preferred securities in an aggregate amount of up to C$100 million, issuable in tranches of not less than C$25 million. Fairfax completed its initial C$25 million purchase of preferred securities concurrent with the closing of the transaction.
Altius also issued 6,670,000 common share purchase warrants, exercisable at C$15 per share, which will vest proportionately based on the aggregate amount of preferred securities purchased by the Fairfax entities under the private placement.
The proceeds raised from the above noted transactions will be used by Altius for investments within the mining and minerals sector and for general corporate purposes.
Further information can be found on Canada Newswire's website.
Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines located in Canada and Brazil and which produce copper, zinc, nickel, cobalt, iron ore, potash and thermal (electrical) and metallurgical coal.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.