Altius Mineral Corporation and Callinan Royalties have entered into a definitive arrangement agreement in which Altius will acquire all outstanding shares of Callinan. Callinan will become a wholly owned subsidiary of Altius.
Altius President Brian Dalton says Callinan Management recently successfully converted the Triple Seven Mine net profit interest royalty to a lower risk net smelter return royalty while enhancing the exploration upside of the Hudbay Triple Seven mine in Flin Flon by optioning key mineral lands to the operator. He says this achievement was a significant motivating factor for Altius in pursuing this business combination. Dalton adds a combined Altius and Callinan creates a leading diversified mineral royalty company with a stronger consolidated balance sheet and shareholder base from which to further expand and diversify its royalty portfolio.
Callinan President Glenn Brown says the Altius royalties on important mines in western Canada pay for over thirty years and provides the longevity of income sought by Callinan.