Franco-Nevada initiates ATM equity offering program
On July 19, 2019, Franco-Nevada Corporation ("Franco-Nevada") announced it has established an at-the-market equity offering program ("ATM Program") that allows the corporation to issue up to US$200 million worth of common shares from treasury to the public from time to time at the prevailing market price through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace on which the common shares are listed, quoted or otherwise trade. The volume and timing of distributions under the ATM Program, if any, will be determined at Franco-Nevada's sole discretion, subject to applicable regulatory limitations.
The ATM Program will be effective until July 18, 2020 unless terminated prior to such date by Franco-Nevada. Sales of common shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated July 19, 2019 with BMO Nesbitt Burns Inc. and CIBC World Markets Inc., as Canadian agents, and BMO Capital Markets Corp. and CIBC World Markets Corp., as U.S. agents.
Franco-Nevada intends to use the net proceeds from the ATM Program for funding royalty and stream acquisitions and/or other general corporate purposes including the repayment of indebtedness.
Franco-Nevada is the leading gold-focused royalty and stream company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies.
Further information can be found on Canada Newswire's website.