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Client Work

International Royalty completes US$45 million bought-deal financing

Fasken
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Overview

Client

International Royalty

On February 12, 2007, International Royalty Corporation ("IRC") announced that it had closed its offering of 7,408,000 units of IRC at a price of $5.40 per unit for total gross proceeds of approximately $40 million. Each unit is comprised of one common share of IRC and one-half of one common share purchase warrant of IRC, with each whole warrant entitling the holder thereof to acquire a further common share at an exercise price of $6.50 per share until November 12, 2007, and at $7.00 per share from November 13, 2007 until August 12, 2008. Immediately following the closing of the offering, the underwriters exercised their over-allotment option to acquire 926,000 units of IRC at a price of $5.40 per unit for gross proceeds of approximately $5 million. In the aggregate, 8,334,000 units were sold for gross proceeds of $45,003,600. Haywood Securities Inc. acted as the lead underwriter in connection with the offering, with Scotia Capital Inc. and GMP Securities L.P. comprising the remainder of the syndicate. IRC is a global mineral royalty company, senior listed on the Toronto Stock Exchange as well as the American Stock Exchange. IRC was advised in this financing by a team from Fasken Martineau comprised of Michael Bourassa, Nancy Eastman, Brad Freelan and Daye Kaba.

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