Altius Renewable Reports Apex to Buy Out Remainder of Royalty Financing

Source: www.gulfoilandgas.com 12/31/2021, Location: North America

Altius Renewable Royalties reports that Apex Clean Energy (“Apex”) has exercised a change of control-based option to redeem the remaining residual royalty financing provided by its joint venture subsidiary Great Bay Renewables (“Great Bay”). The option exercise follows the recently announced sale of a majority interest in Apex. Great Bay will retain the previously disclosed three royalties it has earned to date under the Apex investment agreement.

Under the buyout option terms, the provisional purchase consideration, including a buyout premium calculated under the investment agreement, is approximately US$70 million, $41.7 million of which is a cash payment, with the remainder representing an estimated value ascribed to the retained royalties in accordance with the agreement. There can be no assurance that the provisional value ascribed to the retained royalties under the agreement will be achieved. A formal valuation of the retained royalties will be completed 6 months following the achievement of commercial operations for each project, as prescribed by the original terms of the investment agreements, and true-up payments to Great Bay or Apex may be made at that time to account for any differences between current provisionally estimated amounts and the formal royalty valuation calculations.


Argentina >>  8/12/2022 - Echo Energy plc, the Latin American focused Energy company, is pleased to announce a proposed comprehensive debt restructuring together with a placing...
Nigeria >>  8/12/2022 - Seplat Energy PLC ("Seplat" or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London S...

United Kingdom >>  8/12/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
· Issue price of A$0.009 per share represents a 18.2% dis...

United States >>  8/12/2022 - The Board of Directors of Westlake Corporation authorized the company to repurchase an additional $500 million of shares of its common stock under its...

United States >>  8/12/2022 - Canadian Overseas Petroleum Limited ("COPL" or the "Company"), an international oil and gas exploration, production and development company with produ...
Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.