Metalla Royalty and Streaming falls on acquisition of all Nova Royalty shares

Nova Royalty

08/09/2023 16:41

Sept 8 (Reuters) -    ** U.S-listed shares of Metalla
Royalties and Streaming  MTA.A  fall 11.6% to $3.46
    ** The Canadian co, which leverages precious metals through
royalties and streams, will acquire all of the issued and
outstanding common shares of Nova Royalty  NOVR.V  
    ** Purchase price of C$1.90 ($1.39) per Nova Share implies a
premium of 25% based on the closing share price on Sept. 7 
    ** Deal assigns NOVR total equity value of C$190 million on
a fully-diluted basis
    ** Existing Metalla and Nova shareholders would own about
60% and 40%, respectively, of the combined company on a
fully-diluted basis
    ** Canada-listed shares of NOVR rise 7.2% to $1.63
    ** Average rating for the stock is "hold" with analysts'
median PT of $10- LSEG
    ** Up to last close, stock had fallen ~29% YTD
    

($1 = 1.3624 Canadian dollars)

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))