Franco-Nevada Corporation and its wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation ("FNB"), acquired a gold stream from SolGold plc with reference to production from the Cascabel Project located in northern Ecuador. FNB partnered with Osisko Gold Royalties Ltd.'s subsidiary, Osisko Bermuda Limited, to provide a syndicated financing package on a 70/30 percent basis where FNB will provide a total of US$525 million and Osisko a total of US$225 million of funding for a total US$750 million.
The Cascabel Project is located in the Imbabura province of the Ecuadorian Andes and harbors world class porphyry copper and gold deposits.
Torys LLP acted as counsel to Franco-Nevada with a team led by Michael Amm and included Carly Klinkhoff, Tanis Makowsky and Charlotte Hardwicke-Brown (corporate/M&A), Adam Delean and Erin Shin (financing).
Stikeman Elliott LLP acted as counsel to Osisko and Bennett Jones LLP acted as counsel to SolGold.