On August 28, 2023, Elemental Altus Royalties Corp. ("Elemental") signed and completed a subscription agreement with In2Metals Explorer S.à r.l., ("In2Metals"), whereby In2Metals acquired an 80.1% interest in and assumed management control of Elemental's UK subsidiary, Akh Gold Ltd. ("Akh Gold"), through the subscription for US$10 million in new Akh Gold shares over a four-year period.
Elemental received US$1.5 million in cash pursuant to the subscription agreement, a 1.5% net smelter return royalty across Akh Gold's current mining exploration projects in Egypt and will retain a 19.9% equity interest in Akh Gold.
Fasken advised Elemental with a Canada-UK cross-border team comprised of John Sabetti, Guy Winter, Leon Miller, Chloe Zelia Gill-Braun, Lucinda Patrick-Patel, Alexis Shamess and David Pivrnec.
Jurisdictions
- Ontario
- England and Wales
