PRECIOUS METALS

Sandstorm raises $80 mil for more acquisitions

Canada-based Sandstorm Gold Royalties is raising US$80 million through a bought deal financing deal with BMO Capital Markets which it intends to use towards future streams and royalty acquisitions and repayments of drawn downs on its revolving credit facility.

 Sandstorm assets

Sandstorm assets

As lead underwriters, BMO have agreed to buy 15.7 million shares in Sandstorm for $5.10 per share.

Sandstorm's share price fell 9% day on day to $5.05 on 28 September. A week earlier, the stock closed the trading session at $6.18.

The underwriters have also been granted the option, exercisable at the offering price from for a period of 30 days following closing, to purchase an additional 15% to cover over-allotments, if any.

Sandstorm currently has a portfolio of 250 royalties.

The company expects attributable production of 80,000-85,000 gold equivalent ounces this year. It hopes to increase that to 155,000 GEOs by 2025.

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