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Franco-Nevada and Lumina Royalty Announce Court Approval of Arrangement

November 24, 2011

TORONTO, Nov. 24, 2011 /PRNewswire/ – Franco-Nevada Corporation (TSX:FNV,
NYSE:FNV) (“Franco-Nevada”) and Lumina Royalty Corp (“Lumina Royalty”)
announced today that Lumina Royalty has obtained a final order from the
Supreme Court of British Columbia with respect to the previously
announced arrangement agreement (the “Arrangement”) between
Franco-Nevada and Lumina Royalty. Franco-Nevada and Lumina Royalty
expect to complete the Arrangement on or about December 1, 2011.

About Franco-Nevada

Franco-Nevada Corporation (TSX: FNV, NYSE: FNV) is a gold-focused
royalty and stream company with additional interests in platinum group
metals, oil & gas and other assets. The Company has a diversified
portfolio of high margin assets along with a growing pipeline of
development assets with exposure to some of the largest gold
discoveries in the world. Its business model benefits from rising
commodity prices and new discoveries while limiting operating and
capital cost inflation. Franco-Nevada is generating growing free cash
flow with historical increasing dividends and is the gold investment
that works.

About Lumina Royalty

Lumina Royalty Corp. is an unlisted company that owns royalty interests
on four copper development projects located in Chile and Argentina. 
The company was formed as a result of a reorganization of Lumina Copper
Corp. (TSX-V: LCC) in June 2011.  The four development projects are the
Relincho copper/molybdenum project located in Region III, Chile that is
being advanced by Teck Resources Ltd; the Taca Taca
copper/gold/molybdenum project located in Salta Province, Argentina
that is being advanced by Lumina Copper Corp; the San Jorge
copper/gold/molybdenum project located in Mendoza Province, Argentina
that is being advanced by Coro Mining Corp. and the Vizcachitas
copper/molybdenum project located in Region V, Chile that is being
advanced by Los Andes Copper Limited.  More information about Lumina
Royalty Corp. and its assets can be found on the company’s website at www.luminaroyalty.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this press release, including any
information as to future financial or operating performance and other
statements that express management’s expectations or estimates of
future performance, constitute “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “anticipates”, “anticipated”, 
“believes”, “plans”, “estimate”, “expect”, “expects”, “expected”,
“forecasted”, “targeted” and similar expressions identify
forward-looking statements. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Readers are cautioned that such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause
actual financial results, performance or achievements to be materially
different from estimated future results, performance or achievements
expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future performance.
These risks, uncertainties and other factors include, but are not
limited to: the conditions in the arrangement agreement being
satisfied, the ability of the parties to otherwise complete all of the
transactions contemplated by the arrangement agreement,
final approval of the listing of the Franco-Nevada common shares and
warrants by the TSX and the NYSE, as applicable, fluctuations in the
prices of the primary commodities that drive royalty and stream revenue
(gold, platinum group metals, copper, nickel, uranium, silver and oil &
gas); fluctuations in the value of the Canadian and Australian dollar,
Mexican peso, and any other currency in which revenue is generated,
relative to the US dollar; changes in national and local government
legislation, including permitting regimes and taxation policies;
regulations and political or economic developments in any of the
countries where properties in which the parties hold a royalty, stream
or other interest are located; influence of macroeconomic developments;
business opportunities that become available to, or are pursued by
Franco-Nevada; reduced access to debt and equity capital; litigation;
title disputes related to interests or any of the properties in which
the parties hold a royalty, stream or other interest; excessive cost
escalation as well as development, permitting, infrastructure,
operating or technical difficulties on any of the properties in which
the parties hold a royalty, stream or other interest; rate and timing
of production differences from resource estimates; risks and hazards
associated with the business of development and mining on any of the
properties in which the parties hold a royalty, stream or other
interest,, including, but not limited to unusual or unexpected
geological and metallurgical conditions, slope failures or cave-ins,
flooding and other natural disasters or civil unrest; and the
integration of acquired assets. The forward-looking statements
contained in this press release are based upon assumptions management
of the parties believes to be reasonable, including, without
limitation, that the conditions in the arrangement agreement will be
satisfied, that the parties will otherwise complete all of the
transaction contemplated by the arrangement agreement, that the TSX and
the NYSE will approve the listing of the Franco-Nevada common shares
and warrants, as applicable, the ongoing operation of the properties in
which the parties hold a royalty, stream or other interest by the
owners or operators of such properties in a manner consistent with past
practice, the accuracy of public statements and disclosures made by the
owners or operators of such underlying properties, no material adverse
change in the market price of the commodities that underlie the asset
portfolio, no adverse development in respect of any significant
property in which the parties hold a royalty, stream or other interest,
accuracy of publicly disclosed expectations for the development of
underlying properties that are not yet in production, integration of
acquired assets and the absence of any other factors that could cause
actions, events or results to differ from those anticipated, estimated
or intended. Accordingly, readers should not place undue reliance on
forward-looking statements because of the inherent uncertainty. For
additional information with respect to risks, uncertainties and
assumptions, please also refer to the “Risk Factors” section of
Franco-Nevada’s most recent Annual Information Form filed with the
Canadian securities regulatory authorities on SEDAR at
www.sedar.com, as well as Franco-Nevada’s annual and interim MD&A. The
forward-looking statements herein are made as of the date of this press
release only and the parties do not assume any obligation to update or
revise them to reflect new information, estimates or opinions, future
events or results or otherwise, except as required by applicable law.

SOURCE Franco-Nevada Corporation


Source: PR Newswire