International Royalty Corporation

International Royalty Corporation

March 04, 2005 12:00 ET

International Royalty Corporation Receives $12.5 Million From Exercise of Overallotment


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL ROYALTY CORPORATION

TSX SYMBOL: IRC

MARCH 4, 2005 - 12:00 ET

International Royalty Corporation Receives $12.5
Million From Exercise of Overallotment

DENVER, COLORADO--(CCNMatthews - March 4, 2005) - International Royalty
Corporation (TSX:IRC) (the "Company") is pleased to announce the
completion of the exercise of the over allotment option (the "Option")
in respect of its previously announced initial public offering of $150
million which was completed on February 22, 2005.

Pursuant to the Option, Haywood Securities Inc. and GMP Securities Ltd.
as lead agents, together with a syndicate of agents that includes
Canaccord Capital Corporation, Raymond James Ltd., Salman Partners Inc.
and Bolder Investment Partners, Ltd., acquired 2,906,977 common shares
of the Company at a purchase price of $4.30 per common share for gross
proceeds of $12.5 million.

Douglas B. Silver, Chairman and CEO of the Company, said "Upon exercise
of the Option, we will have in excess of $20 million in working capital
to fund our acquisition and growth program. Now that the IPO has been
completed, we are pursuing royalty targets that we had previously
identified, as well as new opportunities that are presenting themselves
from approaches made by parties willing to create a royalty in return
for financing support."

About International Royalty Corporation

The Company was formed for the purpose of acquiring and creating natural
resource royalties with a specific emphasis on mineral royalties. The
Company holds interests in a large portfolio of royalties, including a
100% interest in Archean Resources Ltd., a private company which
indirectly holds an effective 2.7% net smelter return ("NSR") interest
in the Voisey's Bay nickel-copper-cobalt project located in Labrador,
Canada; a 0.25% NSR on the Williams gold mine in Ontario; an effective
3.0% NSR on part of the Pinson gold project in Nevada, and a 1.5% NSR on
the Hasbrouck Mountain gold/silver deposit, also in Nevada. The Company
intends to create a diversified global portfolio of royalties on
exploration through production stage properties. The Company currently
receives approximately $400,000 per year in revenues from producing
royalties, and expects to begin receiving in excess of $16 million per
year in revenues with the commencement of operations at Voisey's Bay,
projected to occur in early 2006.

The Company currently has 56,830,469 common shares outstanding
(61,321,037 common shares are outstanding on a fully diluted basis).

The securities being offered and sold have not been, nor will they be
registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold within the United States or to, or for
the account or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from U.S. registration requirements. This release
does not constitute an offer for sale of securities in the United States.

Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, intentions, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Since forward-looking statements are not statements of
historical fact and address future events, conditions and expectations,
forward-looking statements by their nature involve inherent risks and
uncertainties. Actual results in each case could differ materially from
those currently anticipated in such statements. The Company does not
expect to update forward-looking statements continually as conditions
change and you are referred to the full discussion of the Company's
business contained in the Company's reports filed with the securities
regulatory authorities.

On behalf of the Board of INTERNATIONAL ROYALTY CORPORATION

"Douglas B. Silver"

Chairman, CEO and Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    International Royalty Corporation
    Douglas B. Silver
    Chairman and CEO
    (303) 799-9020
    (303) 799-9017 (FAX)
    info@internationalroyalty.com