Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Corporation”) is today reporting its financial results for the third quarter of 2024. More detail can be found in the Corporation's continuous disclosure materials at arr.energy or through the SEDAR+ website at www.sedarplus.ca
On September 12 ARR announced that the Corporation and Royal Aggregator LP (the “Purchaser”) (an affiliate of Northampton Capital Partners, LLC) entered into a definitive arrangement agreement (the “Arrangement Agreement”), whereby the Purchaser will acquire all of the issued and outstanding common shares of the Corporation (the “ARR Shares”), other than those ARR Shares indirectly owned by Altius Minerals Corporation (“Altius Minerals”), by way of a statutory plan of arrangement under the Business Corporations Act (Alberta) (the “Transaction”). Altius Minerals currently holds 58% of the issued and outstanding ARR Shares on an undiluted basis.
Under the terms of the Arrangement Agreement, each ARR shareholder (other than Altius Minerals) will receive cash consideration of CAD$12.00 for each ARR Share held (the “Consideration”) for total Consideration of approximately C$162,000,000.
The Arrangement is conditional upon, among other things, receipt of an interim order from the Court of King’s Bench of Alberta (the “Court”) and receipt of approval under the Competition Act. On October 2, 2024, the Commissioner of Competition under the Competition Act issued an advanced ruling certificate to the Corporation in respect of the Arrangement which satisfied the Competition Act approval condition and on October 17, 2024, the Court granted the interim order with respect to the Arrangement satisfying such condition. The hearing of the application for the final order is anticipated to take place before a justice of the Court on November 22, 2024. Subject to obtaining the required approval of Shareholders at a Special Meeting on November 19 and the receipt of the final order of the Court, the transaction is expected to close on or around the end of November, 2024. Following completion of the Transaction, ARR will delist from the TSX and cease to be a reporting issuer. The Purchaser will hold 43% and Altius Minerals will indirectly hold 57% of the issued and outstanding ARR shares respectively.
About ARR
ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 35 renewable energy royalties representing approximately 2.9 GW of renewable power on operating projects and an additional approximate 5.3 GW on projects in construction and development phase, across several regional power pools in the U.S. The Corporation also expects future royalties from GBR's investments in Bluestar Energy Capital, Hodson Energy and Hexagon Energy, which increase the total project pipeline to approximately 18.7 GW. The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Forward-looking information
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR 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 ARR 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. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.
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