TIDMTRR
RNS Number : 7337U
Trident Royalties PLC.
08 April 2021
8 April 2021
Trident Royalties Plc
("Trident" or the "Company")
Completion of Pukaqaqa Royalty Package Acquisition,
Issue of Consideration Shares
and
Total Voting Rights
Trident Royalties Plc (AIM: TRR, FSX: 5KV), is pleased to
announce that the pre-completion meeting for the Pukaqaqa Royalty
Package acquisition (as defined below) from Orion Resource Partners
has now been held and that completion will occur automatically on
Admission of the Consideration Shares (as defined below).
On 18 December 2020, the Company announced that it had entered
into a binding agreement to acquire a package of existing copper
royalties (the "Royalty Package") over the Pukaqaqa Copper Project
in Peru. The Royalty Package was acquired for total consideration
of US$3,000,000 to be satisfied by the issue of 6,878,027 new
ordinary shares of 1p each in Trident ("Consideration Shares") at
32.0314p per Ordinary Share.
Following Admission, Orion will be interested in 11,091,747
Ordinary Shares representing approximately 6.2 per cent. of the
Company's issued share capital.
Settlement and Dealings
Application has been made to the London Stock Exchange Plc for
admission to trading on the AIM Market of the 6,878,027
Consideration Shares, which rank pari passu with the Company's
existing issued Ordinary Shares ("Admission"). Dealings on AIM are
expected to commence at 8:00am on 9 April 2021.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission,
Trident will have 178,102,362 ordinary Shares of 1p each in the
capital of the Company in issue with voting rights attached.
Trident does not hold any shares in treasury. This figure of
178,102,362 may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company, under the DTRs.
Adam Davidson, Chief Executive Office of Trident commented:
"The completion of the acquisition of the Pukaqaqa Royalty
Package increases our copper exposure with royalties over a large,
long-life asset operated by an established mid-tier miner with deep
roots in South America. We are delighted to have completed this
transaction with Orion, which continues to demonstrate itself a
professional and friendly counterparty, and we look forward to
exploring further opportunities to transact with them in the
future."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
** Ends **
Contact details:
Trident Royalties Plc www.tridentroyalties.com
Adam Davidson +1 (757) 208-5171
Grant Thornton (Nominated Adviser) www.grantthornton.co.uk
Colin Aaronson / Samantha Harrison +44 020 7383 5100
/ Seamus Fricker
---------------------------------------------------------
Tamesis Partners LLP (Financial www.tamesispartners.com
Adviser and Joint Broker) +44 203 882 2868
Richard Greenfield
---------------------------------------------------------
Shard Capital Partners LLP (Joint www.shardcapital.com
Broker) +44 207 186 9927
Erik Woolgar / Isabella Pierre
---------------------------------------------------------
St Brides Partners Ltd (Financial www.stbridespartners.co.uk
PR & IR) +44 20 7236 1177
Susie Geliher / Catherine Leftley
/ Charlotte Hollinshead
---------------------------------------------------------
About Trident
Trident is a growth-focused, diversified mining royalty and
streaming company, providing investors with exposure to a mix of
base and precious metals, bulk materials (excluding thermal coal)
and battery metals.
Key highlights of Trident's strategy include:
-- Building a royalty and streaming portfolio to broadly mirror
the commodity exposure of the global mining sector (excluding
thermal coal) with a bias towards production or near-production
assets, differentiating Trident from the majority of peers which
are exclusively, or heavily weighted, to precious metals;
-- Acquiring royalties and streams in resource-friendly
jurisdictions worldwide, while most competitors have portfolios
focused on North and South America;
-- Targeting attractive small-to-mid size transactions which are
often ignored in a sector dominated by large players;
-- Active deal-sourcing which, in addition to writing new
royalties and streams, will focus on the acquisition of assets held
by natural sellers, such as: closed-end funds, prospect generators,
junior and mid-tier miners holding royalties as non-core assets,
and counterparties seeking to monetise packages of royalties and
streams which are otherwise undervalued by the market;
-- Maintaining a low-overhead model which is capable of
supporting a larger scale business without a commensurate increase
in operating costs; and
-- Leveraging the experience of management, the board of
directors, and Trident's adviser team, all of whom have deep
industry connections and strong transactional experience across
multiple commodities and jurisdictions.
The acquisition and aggregation of individual royalties and
streams is expected to deliver strong returns for shareholders as
assets are acquired on terms reflective of single asset risk
compared with the lower risk profile of a diversified, larger scale
portfolio. Further value is expected to be delivered by the
introduction of conservative levels of leverage through debt. Once
scale has been achieved, strong cash generation is expected to
support an attractive dividend policy, providing investors with a
desirable mix of inflation protection, growth and income.
Forward-looking Statements
This news release contains forward -- looking information. The
statements are based on reasonable assumptions and expectations of
management and Trident provides no assurance that actual events
will meet management's expectations. In certain cases, forward --
looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Although Trident believes the
expectations expressed in such forward -- looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Trident will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the forward --
looking statements. These and other factors should be considered
carefully and readers should not place undue reliance on
forward-looking information.
Third Party Information
As a royalty and streaming company, Trident often has limited,
if any, access to non-public scientific and technical information
in respect of the properties underlying its portfolio of royalties
and investments, or such information is subject to confidentiality
provisions. As such, in preparing this announcement, the Company
has relied upon information provided by or the public disclosures
of the owners and operators of the properties underlying its
portfolio of royalties, as available at the date of this
announcement.
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