Torys acted as counsel to Triple Flag with a team led by Michael Pickersgill and that included Glen Johnson, Carly Klinkhoff, Pat Chapman and Emily Stewart (corporate/M&A), Omar Wakil and Christopher Caparelli (competition/antitrust), Brad Tartick, Jennifer Lennon and Darryl Hiscocks (pensions and employment), Craig Maurice and David Mattingly (Canadian and U.S. tax).
On November 10, 2022, Triple Flag Precious Metals Corp. ("Triple Flag") and Maverix Metals Inc. ("Maverix") announced that they entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Maverix, positioning Triple Flag as the leading emerging senior streaming and royalty company.
Under the terms of the arrangement, carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act, Maverix shareholders could elect to receive either US$3.92 in cash or 0.360 of a Triple Flag share for each Maverix share held, subject to proration, for an implied total equity value for Maverix of US$606 million on a fully diluted basis.
The successful closing of the transaction was announced on January 19, 2023. In aggregate, Triple Flag issued 45.1 million common shares and paid US$86.7 million to former Maverix shareholders. With the arrangement’s completion, existing Triple Flag and former Maverix shareholders are expected to own approximately 78% and 22% of the pro forma outstanding shares of Triple Flag, respectively.
Further information can be found on PR Newswire’s website.
Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 148 assets.
Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. It offers bespoke financing solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and Australia, with a total of 80 assets, including 9 streams and 71 royalties.