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Freehold Royalties Ltd enters into $120 mln gross overriding royalty joint venture and announces equity financing

Wednesday, 25 Jun 2014 04:37pm EDT 

Freehold Royalties Ltd:Entered into a $120 million strategic joint venture (the Joint Venture) with a Canadian based company (JV Partner) in the East Edson area of Alberta.Assumes a priority share of production through the creation of a gross overriding royalty (GORR) Joint Venture.Commencing on the anticipated closing date of July 16.Under the Joint Venture, Freehold assumes no operating costs (outside of transport fees), no royalty deductions and no abandonment liabilities. Freehold will receive "priority" royalty volumes.As part of its $120 million capital commitment, Freehold will acquire a 50 pct royalty interest on current production within the JV Area.Entered into an agreement with CIBC, on behalf of a syndicate of underwriters, to issue, on a bought deal basis 4,650,000 common shares at a price of $26.90 per share (the Issue Price) for gross proceeds of about $125 million. 

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