Metalla Royalty & Streaming launches US$20M equity program to fund future acquisitions
Metalla Royalty & Streaming Ltd (NYSEAMERICAN:MTA) (CVE:MTA) has launched a US$20 million at-the-market equity program (ATM program) to fund future acquisitions of streams and royalties and for working capital.
The junior company has struck a deal with a syndicate of agents, including BMO Nesbitt Burns as lead Canadian agent and BMO Capital Markets Corp as the lead US agent. Eight Capital is the Canadian agent and Cormark Securities (USA) Ltd is the US agent.
READ: Metalla Royalty & Streaming continues to scale the business as it grows portfolio to 50 precious metals assets
Under the program, Metalla may distribute up to US$20 million, or the equivalent in Canadian dollars, of shares. The stock will be issued by the company to the public from time to time, through the agents, at Metalla’s discretion, sold at the prevailing market price.
“The net proceeds of any such sales will be used to finance the future purchase of streams and royalties by the company and for general working capital purposes. The company anticipates that it will use the flexibility and availability of the ATM program to finance small transactions, and the amended Beedie convertible loan facility for larger transactions,” the firm told investors.
Metalla leverages its precious metal exposure through a diversified and rapidly growing portfolio of royalties and streams. The group currently holds 50 precious metal assets, compared to 43 back in April this year.
In its results for the fiscal year to end May, reported in August, chief executive Brett Heath said: “2020 represented another major year of growth for Metalla’s royalty portfolio and corporately with the NYSE listing. We are excited about the new opportunities in front of us and to see many of our assets having exploration success while being advanced toward production by our first-class counterparties.”
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/928420/metalla-royalty--streaming-launches-us20m-equity-program-to-fund-future-acquisitions-928420.html
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