Skip to main content

PLEASE NOTE: For everyone’s safety, Fasken recommends anyone on-site at our Canadian offices be familiar with the COVID-19 recommendations in place which may include one or more of the following: social distancing, hand sanitizing, wearing a mask in common areas and proof of full vaccination. These measures apply to lawyers, staff, clients, service providers and other visitors.

Client Work

International Royalty completes US$45 million bought-deal financing

Reading Time 1 minute read Subscribe



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.



    Receive email updates from our team