TORONTO, June 25,
2024 /CNW/ - Orion Mine Finance announced today that
OMF Fund IV SPV G LLC, a limited liability company managed by Orion
Mine Finance GP IV LP ("Orion"), acquired (i) 12,021,977
common shares ("Common Shares") of Skeena Resources Limited
("Skeena") for an aggregate purchase price of C$80,000,245.95, or C$6.6545 per Common Share, from several sellers
that acquired the Common Shares in connection with an offering of
flow-through Common Shares by Skeena (the "Flow-Through
Offering") and (ii) 3,418,702 Common Shares for an aggregate
purchase price of C$22,749,752.46, or
C$6.6545 per Common Share, pursuant
to a subscription agreement (the "Subscription Agreement")
with Skeena (the "First Tranche"). Subject to satisfaction
of the conditions contained in the Subscription Agreement, Orion
has agreed to purchase additional Common Shares (the "Second
Tranche" and, together with the Flow-Through Offering and the
First Tranche, the "Equity Financing").
The Equity Financing is being completed as part of a broader
financing package totaling approximately US$750 million (the "Financing") being
provided to Skeena by Orion for the development of Skeena's Eskay
Creek Project in the Golden Triangle of British Columbia. The Financing is comprised
of a US$350 million senior secured
credit facility to be provided by Orion, a US$300 million gold stream arrangement to be
entered into between Skeena and Orion and the Equity Financing.
Further information regarding the Financing is contained in
Skeena's press release dated June 25,
2024, a copy of which can be found under Skeena's SEDAR+
profile at www.sedarplus.com.
Prior to the closing of the Flow-Through Offering and the First
Tranche, Orion did not own any securities of Skeena. Immediately
following the closing of the Flow-Through Offering and the First
Tranche, Orion owned 15,440,679 Common Shares, representing
approximately 14.51% of Skeena's issued and outstanding Common
Shares (based on a total of 106,404,660 Common Shares being issued
and outstanding).
Orion is acquiring the Common Shares for investment purposes.
Other than in connection with the Equity Financing, Orion has no
current plan or intentions which relate to, or would result in,
acquiring additional securities of Skeena, disposing of securities
of Skeena, or any of the other actions enumerated above. Depending
on market conditions, Orion's view of Skeena's prospects and other
factors Orion considers relevant, Orion may acquire additional
securities of Skeena from time to time in the future, in the open
market or pursuant to privately negotiated transactions, or may
sell all or a portion of its securities of Skeena.
This news release is being issued under the early warning
reporting provisions of applicable securities laws. An early
warning report with additional information in respect of the
foregoing matters will be filed and made available under the SEDAR+
profile of Skeena at www.sedarplus.com. To obtain a copy of
the early warning report, you may also contact David Blassberger, Deputy General Counsel of
Orion Resource Partners (USA) LP
at 212-596-3491. Orion's address is Maples Corporate Services
Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman
Islands . Skeena's head office is located at 2600-1133
Melville Street, Vancouver, British
Columbia, V6E 4E5.
Forward-Looking
Information
Certain statements in this press release are forward-looking
statements and are prospective in nature, including statements with
respect to Orion's future intentions regarding the securities of
Skeena. Forward-looking statements are not based on historical
facts, but rather on current expectations and projections about
future events, and are therefore subject to risks and uncertainties
which could cause actual results to differ materially from the
future results expressed or implied by the forward-looking
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Such forward-looking statements should therefore be construed in
light of such factors, and Orion is not under any obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
SOURCE Orion Mine Finance