Vancouver, British Columbia--(Newsfile Corp. - December 1, 2023) - On December 1, 2023, Metalla Royalty & Steaming Ltd. ("Metalla") and Nova Royalty Corp. ("Nova") announced the completion of a business combination transaction (the "Transaction") whereby Metalla acquired all of the issued and outstanding common shares of Nova pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Upon closing of the Transaction, the previously-announced second amended and restated convertible loan agreement dated October 19, 2023 (the "Amended & Restated Loan Agreement") between Beedie Investments Ltd. ("Beedie Capital") and Metalla became effective, pursuant to which the parties agreed to amend the terms of the existing convertible loan agreement (the "Company Convertible Loan") between Beedie Capital and Metalla (the "Loan Facility").
Pursuant to the Amended & Restated Loan Agreement, the parties agreed as follows:
- to increase the existing Loan Facility from $25.0 million to $50.0 million;
- to drawdown the following amount (the "Initial Advance"):
- $16.4 million (convertible at a conversion price of $6.00 per common share in the capital of Metalla (each, a "Common Share"), to refinance the $4.2 million principal outstanding under the Company Convertible Loan as at the time of the closing of the Transaction and the $12.2 million principal outstanding under the existing convertible loan agreement between Beedie Capital and Nova (the "Nova Convertible Loan");
- $2.7 million, being the aggregate interest and fees outstanding under the Nova Convertible Loan and the Company Convertible Loan as at the time of the closing of the Transaction, with the amount of interest convertible at the market price of a Common Share on the TSX Venture Exchange as of the date of Conversion and unpaid fees shall not be convertible into common shares of Metalla.;
- an amendment fee of approximately $0.1 million payable to Beedie Capital; and
- certain expenses of Beedie Capital;
- interest on the principal will accrue at a rate of 10.0% per annum;
- for an eighteen-month period from the close of the Transaction, accrued interest will be capitalized and added to the principal amount, and thereafter, at the Metalla's election, 2.0% per annum of the interest accruing on the principal will be capitalized and added to the principal amount;
- the standby fee (1.5% per annum), the commitment fee (1% on any subsequent advance (not payable on the Initial Drawdown)), the make whole fee (entitling Beedie Capital to earn a minimum of 12 months of interest on each advance made) and the default interest rate (14% per annum) remain the same; and
- existing security arrangements have been updated to reflect security to be provided by Nova and its subsidiaries for the Amended and Restated Convertible Loan Agreement, along with updated security arrangements at Metalla to reflect developments in its business.
Pursuant to the terms of an equity placement of 2,835,539 subscription receipts of Metalla (the "Subscription Receipts") completed by Beedie Capital on October 20, 2023 (the "Equity Investment"), the aforementioned 2,835,539 Subscription Receipts converted automatically into 2,835,539 Common Shares upon closing of the Transaction, without additional consideration or further action by Beedie Capital (the "Subscription Receipt Conversion").
Furthermore, in connection with closing of the Transaction, Beedie Capital acquired an additional 3,627,237 Common Shares (the "Nova Converted Shares"), as Beedie Capital was an existing shareholder of Nova.
Immediately prior to the close of the Transaction, and assuming (i) conversion in full of the Initial Advance into Common Shares at $6.00 per Common Share, as well as the accrued and unpaid interest and fees outstanding under the Nova Convertible Loan and the Company Convertible Loan as at the time of the closing of the Transaction of $2.7 million at $4.44 per Common Share (being the closing price of the Common Shares on the TSX Venture Exchange as at December 1, 2023) (the "Loan Convertible Amount"), in each case in accordance with the terms of the Amended and Restated Loan Agreement; and (ii) conversion in full of the Subscription Receipts, Beedie Capital, directly or indirectly, owned or controlled a total of 8,420,403 Common Shares, representing approximately 14.27% of the issued and outstanding Common Shares as of the date of this report on a partially diluted basis.
Immediately following the close of the Transaction, completion of the Subscription Receipt Conversion and receipt by Beedie Capital of the Nova Conversion Shares pursuant to completion of the Transaction, and assuming (i) conversion in full of the Loan Convertible Amount, Beedie Capital, directly or indirectly, would own or control a total of 12,047,640 Common Shares, representing approximately 12.86% of the issued and outstanding Common Shares as of the date of this report on a partially diluted basis.
Subsequent to the close of the Transaction, completion of the Subscription Receipt Conversion and receipt by Beedie Capital of the Nova Conversion Shares pursuant to completion of the Transaction, and assuming conversion in full of the entire Loan Facility into Common Shares in accordance with the terms of the Amended & Restated Loan Agreement (assuming that all subsequent advances under the Loan Facility are converted into Common Shares at a conversion price of $4.87 per share, representing a 20% premium above $4.06 per share, being the 30-trading VWAP of the Common Shares on the TSX Venture Exchange as of December 1, 2023, Beedie Capital, directly or indirectly, would own or control a total of 18,389,980 Common Shares, representing approximately 18.39% of the issued and outstanding Common Shares as of the date of this report on a partially diluted basis. The actual number of Common Shares issuable pursuant to the conversion of any subsequent advances under the Loan Facility will depend upon the 30-day VWAP of the Common Shares on the TSX Venture Exchange.
All of the securities held by Beedie Capital in Metalla, including the Common Shares and the Amended & Restated Convertible Loan Agreement, are being held for investment purposes. Beedie Capital may in the future take such actions in respect of its Metalla securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Metalla through open market purchases or privately negotiated transactions, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or Beedie Capital may continue to hold its current positions.
A copy of the early warning report relating to the aforementioned transactions will be available under Metalla's profile on SEDAR+ at , and may also be obtained by contacting Beedie Investments Ltd. at 604-435-3321. Beedie Capital's head office is located at 3030 Gilmore Diversion, Burnaby, British Columbia, V5G 3B4.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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不列颠哥伦比亚省温哥华--(Newsfile Corp.,2023年12月1日)——2023年12月1日,Metalla Royalty & Steaming Ltd.(“Metalla”)和Nova Royalty Corp.(“Nova”)宣布完成一项业务合并交易(“交易”),根据法院批准的安排计划,Metalla收购了Nova的所有已发行和流通普通股 《商业公司法》 (不列颠哥伦比亚省)。交易完成后,先前宣布的Beedie Investments Ltd.(“Beedie Capital”)与Metalla之间于2023年10月19日签署的第二份经修订和重述的可转换贷款协议(“经修订和重述的贷款协议”)生效,根据该协议,双方同意修改Beedie Capital与Metalla之间现有的可转换贷款协议(“公司可转换贷款”)的条款(“贷款工具”)。
根据经修订和重列的贷款协议,双方协议如下:
- 将现有的贷款机制从2,500万美元增加到5,000万美元;
- 提取以下金额(“初始预付款”):
- 1,640万美元(按Metalla资本中每股普通股600美元(每股 “普通股”)的转换价格进行转换,用于为交易完成时公司可转换贷款下的420万美元未偿本金以及Beedie Capital与Nova之间现有可转换贷款协议(“Nova可转换贷款”)下的1,220万美元未偿本金进行再融资;
- 270万美元,即截至交易完成时Nova可转换贷款和公司可转换贷款的未偿利息和费用总额,其中利息金额按截至转换之日多伦多证券交易所风险交易所普通股的市场价格可兑换,未付费用不得转换为Metalla的普通股。;
- 向Beedie Capital支付约10万美元的修正费;以及
- Beedie Capital的某些支出;
- 本金利息将按每年10.0%的利率累积;
- 在交易结束后的十八个月内,应计利息将资本化并添加到本金中,此后,根据Metalla的选择,本金每年应计利息的2.0%将资本化并添加到本金中;
- 备用费(每年1.5%)、承诺费(任何后续预付款的1%(不在初始提款中支付))、全额费用(使Beedie Capital有权从每笔预付款中获得至少12个月的利息)和违约利率(每年14%)保持不变;以及
- 现有安全安排已更新,以反映Nova及其子公司为经修订和重述的可转换贷款协议提供的担保,同时也更新了Metalla的担保安排,以反映其业务的发展。
根据Beedie Capital于2023年10月20日完成的2,835,539张Metalla认购收据(“认购收据”)(“股权投资”)的条款,上述2,835,539份认购收据在交易完成时自动转换为2,835,539股普通股,无需Beedie Capital进行额外对价或采取进一步行动(“认购收据转换”)。
此外,随着交易的完成,Beedie Capital又收购了3,627,237股普通股(“Nova转换股”),因为Beedie Capital是Nova的现有股东。
在交易结束之前,假设(i)以每股普通股6.00美元的价格将初始预付款全额转换为普通股,以及截至交易完成时Nova可转换贷款和公司可转换贷款项下未付的应计和未付利息和费用,金额为270万美元,每股普通股4.44美元(即截至12月1日多伦多证券交易所风险交易所普通股的收盘价),2023)(“可转换贷款金额”),每种情况均符合经修订的条款重述贷款协议;以及(ii)全部转换认购收据,Beedie Capital直接或间接拥有或控制了共8,420,403股普通股,占截至本报告发布之日已发行和流通普通股的14.27%,按部分摊薄计算。
交易结束、认购收据转换完成以及Beedie Capital在交易完成后立即收到Nova Conversion 股份,假设 (i) 全部转换贷款可转换金额,则Beedie Capital将直接或间接拥有或控制总计12,047,640股普通股,约占截至本报告发布之日已发行和流通普通股的12.86% 基础。
交易结束后,完成认购收据转换,Beedie Capital在交易完成后收到了Nova转换股份,并假设根据经修订和重述的贷款协议的条款将全部贷款额度全部转换为普通股(假设贷款机制下的所有后续预付款均以每股4.87美元的转换价格转换为普通股,相当于每股4.06美元以上的20%溢价),是 30 个交易量的 VWAP截至2023年12月1日,Beedie Capital在多伦多证券交易所风险交易所的普通股将直接或间接拥有或控制总计18,389,980股普通股,约占截至本报告发布之日已发行和流通普通股的18.39%。根据贷款机制转换任何后续预付款后可发行的普通股的实际数量将取决于多伦多证券交易所风险交易所普通股的30天VWAP。
Beedie Capital在Metalla持有的所有证券,包括普通股和经修订和重述的可转换贷款协议,均用于投资目的。鉴于当时存在的市场情况,Beedie Capital将来可能会就其持有的Metalla证券采取其认为适当的行动,包括可能通过公开市场购买或私下谈判交易购买更多Metalla股份,或者在公开市场或私下谈判的交易中向一个或多个买方出售此类持有的全部或部分股份,或者Beedie Capital可能继续持有其当前头寸。
与上述交易有关的预警报告的副本将在Metalla在SEDAR+上的个人资料下公布,网址为 ,也可以致电 604-435-3321 与 Beedie Investments Ltd. 联系获得。Beedie Capital的总部位于不列颠哥伦比亚省本那比吉尔摩分流3030号,V5G 3B4。
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