Triple Flag completes acquisition of Orogen Royalties

Triple Flag (TFPM) completed the acquisition of all the issued and outstanding common shares of Orogen Royalties (OGNRF) pursuant to a plan of arrangement. As part of the transaction, Triple Flag acquired Orogen’s 1.0% net smelter returns, or NSR, royalty on the Arthur gold project in Nevada being developed by AngloGold Ashanti (AU). Pursuant to the Transaction, Orogen shareholders had the right to elect to receive either C$1.63 in cash or 0.05355 of a Triple Flag share for each Orogen share, and also received 0.25 shares in a newly created company for each Orogen share. Triple Flag paid in aggregate C$171.5M in cash and issued 5,633,629 Triple Flag common shares to Orogen shareholders. Orogen Spinco was transferred all of Orogen’s assets and liabilities other than the 1.0% NSR royalty on the Arthur gold project. In conjunction with the completion of the Transaction, Triple Flag invested C$10M to acquire 6,756,757 common shares in the capital of Orogen Spinco at a price of C$1.48 per share, representing an approximate 11% equity interest in Orogen Spinco.