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Elemental Altus Royalties Corp. completes US$27.5 million debt-to-equity conversion

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Elemental Altus Royalties Corp.

On December 1 2022, Elemental Altus Royalties Corp. ("Elemental Altus"), a gold-focused royalty company listed on the TSX-V, announced the conversion into equity of approximately US$27,559,844 of debt owed to La Mancha Investments S.à r.l. ("La Mancha"), a subsidiary of La Mancha Resource Fund SCSp.

The parties entered into a loan facility conversion and termination agreement pursuant to which La Mancha agreed to convert approximately US$27,559,844 of loan principal and accumulated interest into 28,959,797 common shares of Elemental Altus ("Shares") at a deemed price of C$1.28 per Share such that La Mancha now owns approximately 34.3% of the outstanding common shares of Elemental Altus prior to any further equity fundraising. All amounts owing by Elemental Altus to La Mancha have now been satisfied in full and the associated security released.

Fasken advised Elemental Altus with a team led by John Sabetti that included Alexis Shamess and David Pivrnec (Corporate Finance & Securities); Aaron Stefan and Nathan Gates (Banking & Finance).


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