Elemental Altus Royalties (TSXV: ELE) is effectively under new ownership. Major shareholder Tether Investments has secured additional shares in the company, bringing their ownership of the gold royalty name to 51.4%.
The increase in Tether’s ownership follows the purchase of common shares from AlphaStream Limited, who previously held a 13.9% interest in the royalty name. The purchase follows the exercise of an existing option, which gave Tether the right to acquire 3.4 million common shares of Elemental Altus from Alphastream.
Prior to exercising the option, Tether held a 37.5% interest in Elemental Altus. That ownership interest has now increased to 51.4%, with Tether now controlling 12.7 million shares.
WATCH: Elemental Altus: Tether Sinks Teeth Deeper With EMX Royalty Merger
AlphaStream’s shares were purchased by Tether at a price of C$1.55 per each under a pre-consolidation arrangement. Total consideration amounted to $53.4 million.
The purchase of additional shares follows Tether making a US$100 million investment in the company in connection with Elemental’s acquisition of EMX Royalty Corp in an arrangement that has yet to close.
Elemental Altus last traded at $23.24 on the TSX Venture.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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