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.
To view the source version of this press release, please visit
不列顛哥倫比亞省溫哥華--(Newsfile Corp.,2023年12月1日)——2023年12月1日,Metalla Royalty & Steaming Ltd.(“Metalla”)和Nova Royalty Corp.(“Nova”)宣佈完成一項業務合併交易(“交易”),根據法院批准的安排計劃,Metalla收購了Nova的所有已發行和流通普通股 《商業公司法》 (不列顛哥倫比亞省)。交易完成後,先前宣佈的Beedie Investments Ltd.(“Beedie Capital”)與Metalla之間於2023年10月19日簽署的第二份經修訂和重述的可轉換貸款協議(“經修訂和重述的貸款協議”)生效,根據該協議,雙方同意修改Beedie Capital與Metalla之間現有的可轉換貸款協議(“公司可轉換貸款”)的條款(“貸款工具”)。
根據經修訂和重列的貸款協議,雙方協議如下:
- 將現有的貸款機制從2,500萬美元增加到5,000萬美元;
- 提取以下金額(“初始預付款”):
- 1,640萬美元(按Metalla資本中每股普通股600美元(每股 “普通股”)的轉換價格進行轉換,用於爲交易完成時公司可轉換貸款下的420萬美元未償本金以及Beedie Capital與Nova之間現有可轉換貸款協議(“Nova可轉換貸款”)下的1,220萬美元未償本金進行再融資;
- 270萬美元,即截至交易完成時Nova可轉換貸款和公司可轉換貸款的未償利息和費用總額,其中利息金額按截至轉換之日多倫多證券交易所風險交易所普通股的市場價格可兌換,未付費用不得轉換爲Metalla的普通股。;
- 向Beedie Capital支付約10萬美元的修正費;以及
- Beedie Capital的某些支出;
- 本金利息將按每年10.0%的利率累積;
- 在交易結束後的十八個月內,應計利息將資本化並添加到本金中,此後,根據Metalla的選擇,本金每年應計利息的2.0%將資本化並添加到本金中;
- 備用費(每年1.5%)、承諾費(任何後續預付款的1%(不在初始提款中支付))、全額費用(使Beedie Capital有權從每筆預付款中獲得至少12個月的利息)和違約利率(每年14%)保持不變;以及
- 現有安全安排已更新,以反映Nova及其子公司爲經修訂和重述的可轉換貸款協議提供的擔保,同時也更新了Metalla的擔保安排,以反映其業務的發展。
根據Beedie Capital於2023年10月20日完成的2,835,539張Metalla認購收據(“認購收據”)(“股權投資”)的條款,上述2,835,539份認購收據在交易完成時自動轉換爲2,835,539股普通股,無需Beedie Capital進行額外對價或採取進一步行動(“認購收據轉換”)。
此外,隨着交易的完成,Beedie Capital又收購了3,627,237股普通股(“Nova轉換股”),因爲Beedie Capital是Nova的現有股東。
在交易結束之前,假設(i)以每股普通股6.00美元的價格將初始預付款全額轉換爲普通股,以及截至交易完成時Nova可轉換貸款和公司可轉換貸款項下未付的應計和未付利息和費用,金額爲270萬美元,每股普通股4.44美元(即截至12月1日多倫多證券交易所風險交易所普通股的收盤價),2023)(“可轉換貸款金額”),每種情況均符合經修訂的條款重述貸款協議;以及(ii)全部轉換認購收據,Beedie Capital直接或間接擁有或控制了共8,420,403股普通股,佔截至本報告發布之日已發行和流通普通股的14.27%,按部分攤薄計算。
交易結束、認購收據轉換完成以及Beedie Capital在交易完成後立即收到Nova Conversion 股份,假設 (i) 全部轉換貸款可轉換金額,則Beedie Capital將直接或間接擁有或控制總計12,047,640股普通股,約佔截至本報告發布之日已發行和流通普通股的12.86% 基礎。
交易結束後,完成認購收據轉換,Beedie Capital在交易完成後收到了Nova轉換股份,並假設根據經修訂和重述的貸款協議的條款將全部貸款額度全部轉換爲普通股(假設貸款機制下的所有後續預付款均以每股4.87美元的轉換價格轉換爲普通股,相當於每股4.06美元以上的20%溢價),是 30 個交易量的 VWAP截至2023年12月1日,Beedie Capital在多倫多證券交易所風險交易所的普通股將直接或間接擁有或控制總計18,389,980股普通股,約佔截至本報告發布之日已發行和流通普通股的18.39%。根據貸款機制轉換任何後續預付款後可發行的普通股的實際數量將取決於多倫多證券交易所風險交易所普通股的30天VWAP。
Beedie Capital在Metalla持有的所有證券,包括普通股和經修訂和重述的可轉換貸款協議,均用於投資目的。鑑於當時存在的市場情況,Beedie Capital將來可能會就其持有的Metalla證券採取其認爲適當的行動,包括可能通過公開市場購買或私下談判交易購買更多Metalla股份,或者在公開市場或私下談判的交易中向一個或多個買方出售此類持有的全部或部分股份,或者Beedie Capital可能繼續持有其當前頭寸。
與上述交易有關的預警報告的副本將在Metalla在SEDAR+上的個人資料下公佈,網址爲 ,也可以致電 604-435-3321 與 Beedie Investments Ltd. 聯繫獲得。Beedie Capital的總部位於不列顛哥倫比亞省本那比吉爾摩分流3030號,V5G 3B4。
多倫多證券交易所風險投資交易所及其監管服務提供商(該術語在多倫多證券交易所風險交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。
要查看本新聞稿的源版本,請訪問