News
Star Royalties Ltd. Closes Initial Public Offering for Gross Proceeds of Approximately C$24 Million with a Lead Order from Palisades Goldcorp Ltd.
Not for distribution to U.S. news wire services or for dissemination in the United States.
FEBRUARY 19, 2021, TORONTO, ON – Star Royalties Ltd. (the “Company” or “Star Royalties“) is pleased to announce that it has closed its initial public offering (the “IPO“) of units of the Company (the “Units” and each a “Unit“) at a price of C$0.70 per Unit for total gross proceeds of C$24,000,200 with a lead order from Palisades Goldcorp Ltd. (“Palisades“).
Canaccord Genuity Corp. and Desjardins Capital Markets acted as co-lead underwriters for the IPO on behalf of a syndicate of underwriters including Haywood Securities Inc., Cormark Securities Inc. and Eight Capital (the “Underwriters“).
Pursuant to the IPO, the Company issued 34,286,000 Units for gross proceeds of C$24,000,200 (increased from the anticipated base offering size of C$20,000,000). The Underwriters have been granted an over-allotment option for an additional 15% of Units sold pursuant to the IPO.
Each Unit consists of one common share of the Company (a “Common Share“) and one common share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to purchase one Common Share of the Company at an exercise price of C$1.00 per Common Share until February 19, 2024. The Company’s Common Shares and Warrants are expected to commence trading on the TSX Venture Exchange under the symbols “STRR” and “STRR.WT”, respectively, on February 19, 2021.
Additional information on Star Royalties and the IPO can be found in the Company’s final prospectus dated February 12, 2021 as filed on SEDAR at www.sedar.com.
Contact information
For more information, please visit our website at starroyalties.com or contact:
Alex Pernin, P.Geo.
Chief Executive Officer and Director
apernin@starroyalties.com
+1 647 494 5001
Peter Bures
Chief Business Development Officer
pbures@starrroyalties.com
+1 437 997 8088
ABOUT STAR ROYALTIES LTD.
Star Royalties is a precious metals-focused royalty and streaming company. We pursue shareholder wealth creation through the origination and acquisition of royalties and streams. Our objective is to specialize in bespoke and operator-friendly financing solutions. We aim to structure mutually beneficial agreements that optimize our counterparties’ capital structure, as we look to become the trusted financing partner for mining companies throughout the various stages of mine development, commodity and capital markets cycles, while generating a return well above our cost of capital for our shareholders.
About Palisades Goldcorp Ltd.
Palisades is Canada’s resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.