RANKED: Top 20 automakers by EV battery metal spending
Value of the graphite, lithium, nickel, cobalt and magnesium contained in EV batteries is up 38% from the lows struck in January.
Triple Flag Precious Metals Corp. is seeking to raise about $250 million by selling shares through an initial public offering in Canada.
The Canadian gold-focused streaming and royalty company plans to sell about 19.2 million shares for between $11.50 and $14.50 each in its IPO, according to a May 10 regulatory filing. The sale is being led by Bank of America Securities, Credit Suisse Group and Bank of Nova Scotia.
Triple Flag was founded in 2016 by Shaun Usmar, a former chief financial officer of Barrick Gold Corp., with the firm offering “bespoke financing solutions to the metals and mining industry.”
“Our mission is to be a sought after, long term funding partner to mining companies throughout the commodity cycle, while generating attractive returns for our investors,” the Toronto-based company said in its filing.
The company aims to list on the Toronto Stock Exchange under the symbol TFPM. Sale proceeds will be used to repay debt.
(By Yvonne Yue Li)
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