Metalla, Nova combine to create ‘industry-leading’ intermediate royalty company

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The purchase price gives Nova a total equity value of C$190 million on a fully-diluted basis.

Upon completion, Metalla and Nova shareholders would own approximately 60% and 40% of the combined entity, respectively.

The new royalty company is expected to boast a portfolio of 105 high-quality royalties and streams with upwards of two decades of sustainable growth, according to Metalla. Nearly all the assets are in tier-one jurisdictions and Latin America, with top ten assets by consensus net-asset-value having a peer-leading average mine life of 20 years and an average operator market capitalization of C$13 billion.

“We are very excited about the combination of these businesses. This merger represents a transformative moment for both companies and will lay a clear, low-risk path to becoming an intermediate royalty company,” Metalla CEO Brett Heath said in a news release. Concurrent with the business combination, Metalla’s strategic partner Beedie Capital has committed to an equity investment of C$15 million and increased the company’s existing convertible loan facility to C$50 million . This, according to Heath, would result in approximately C$35 million of available liquidity to fund its growth.

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