Triple Flag’s $250 Million Initial Public Offering

Torys LLP represented Triple Flag in its initial public offering of common shares. Davies and Shearman & Sterling acted for the syndicate of underwriters.

On May 26, 2021, Triple Flag Precious Metals Corp. completed its initial public offering of common shares. Pursuant to the offering, Triple Flag sold an aggregate of 19,230,770 common shares at a price of US$13.00 per share, for gross proceeds of US$250 million.

The offering was co-led by BofA Securities, Credit Suisse, and Scotiabank together with CIBC Capital Markets, BMO Capital Markets, National Bank Financial, RBC Capital Markets and TD Securities Inc. as underwriters.

The underwriters have been granted an over-allotment option to purchase up to an additional 2,884,615 common shares at a price of US$13.00 per share for additional gross proceeds of US$37.5 million if the over-allotment option is exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the offering.

Triple Flag is a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry.

The Torys team included Michael Pickersgill (Picture), Glen Johnson, Pat Chapman, Sarah Fallis, Braden Jebson (corporate/Canadian securities), Mile Kurta, Chris Bornhorst, Rayanna Smith, Winnie Hu (corporate/U.S. securities), Jennifer Lennon, Brad Tartick (employment), David Mattingly, Christopher Saki (U.S. tax) and Craig Maurice (Canadian tax).

The Davies team advising on the offering included Patricia Olasker, Steven Cutler, Jared Solinger and Avani Verma (Capital Markets) and Geoffrey Turner (Tax).

Shearman & Sterling advised the underwriters with Jason Lehner, Larry Crouch, Ryan Robski, Daniel Kachmar, Nicole Bennewies, and Jenny Xia.

Involved fees earner: Steven Cutler – Davies Ward Philips & Vineberg; Patricia Olasker – Davies Ward Philips & Vineberg; Jared Solinger – Davies Ward Philips & Vineberg; Geoffrey Turner – Davies Ward Philips & Vineberg; Avani Verma – Davies Ward Philips & Vineberg; Nicole Bennewies – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Jason Lehner – Shearman & Sterling; Ryan Robski – Shearman & Sterling; Jenny Xia – Shearman & Sterling; Chris Bornhorst – Torys LLP; Patrick Chapman – Torys LLP; Sarah Fallis – Torys LLP; Winnie Hu – Torys LLP; Braden Jebson – Torys LLP; Glen Johnson – Torys LLP; Mile Kurta – Torys LLP; Jennifer Lennon – Torys LLP; David Mattingly – Torys LLP; Craig Maurice – Torys LLP; Michael Pickersgill – Torys LLP; Christopher Saki – Torys LLP; Rayanna Smith – Torys LLP; Brad Tartick – Torys LLP;

Law Firms: Davies Ward Philips & Vineberg; Shearman & Sterling; Torys LLP;

Clients: Bank of America Securities; BMO Nesbitt Burns Inc; CIBC World Markets; Credit Suisse; Merrill Lynch Canada Inc.; National Bank Financial Inc.; RBC Dominion Securities Inc.; Scotiabank; TD Securities; Triple Flag Mining Finance Ltd.;

Author: Martina Bellini