Betelgeuse LLC

August 01, 2017 16:04 ET

Betelgeuse LLC Announces Acquisition of Common Shares of Osisko Gold Royalties Ltd.

TORONTO, ONTARIO--(Marketwired - Aug. 1, 2017) - Betelgeuse LLC (the "Acquiror") announces that on July 31, 2017 Orion Mine Finance (Master) Fund I LP, Orion Mine Finance (Master) Fund I-A LP, Orion Co-Investments I (Stream) LLC, Orion Co-Investments II LP, Orion Co-Investments IV LP, 8248567 Canada Limited and Lynx Metals Limited (collectively, the "Sellers"), and Osisko Gold Royalties Ltd. (the "Issuer") completed a purchase and sale transaction pursuant to which the Issuer acquired a portfolio of assets from the Sellers for consideration consisting of C$675 million cash and 30,906,594 common shares (the "Transaction").

Orion Mine Finance (Master) Fund I LP, Orion Mine Finance (Master) Fund I-A LP, Orion Co-Investments I (Stream) LLC, Orion Co-Investments II LP, Orion Co-Investments IV LP, 8248567 Canada Limited and Lynx Metals Limited, being the Sellers in the Transaction, directed the Issuer to issue the 30,906,594 Common Shares of the Issuer (the "Common Shares") issuable pursuant to the Transaction to the Acquiror, a jointly-owned subsidiary of certain of the Sellers.

Prior to completion of the Transaction, none of the Acquiror or the Sellers held any Common Shares. On closing of the Transaction, the Acquiror acquired 30,906,594 Common Shares, representing approximately 19.7% of the outstanding Common Shares of the Issuer, pursuant to the Transaction.

The Common Shares were issued in partial consideration of the purchase price of the portfolio of assets purchased by the Issuer from the Sellers pursuant to the Transaction. The Common Shares were issued at a deemed value of C$14.56 per Common Share, implying an aggregate value of C$450 million for the Common Shares.

In addition to the Transaction, a designee of the Sellers, Oskar Lewnowski, was appointed to the board of directors of the Issuer on closing of the Transaction.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of the Issuer at www.sedar.com. To obtain a copy of the early warning report, you may also contact Dov Lader, Deputy General Counsel of Orion Resource Partners (USA) LP at 212-596-3467. The Acquiror's address is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 Wilmington, Delaware 19808.

Contact Information

  • Dov Lader
    212-596-3467