Altius Minerals Corporation (TSX: ALS) Reports Second Quarter Net Loss of $2,000
ST. JOHN'S, NEWFOUNDLAND--(Marketwired - Mar 14, 2014) - Altius Minerals Corp. ("Altius") (TSX:ALS) reports a net loss attributable to common shareholders of $2,000 for the three months ended January 31, 2014 compared to a net loss of $3,627,000 for the same period last year.
A summary of the financial results is included in the following table.
| Three months ended | Nine months ended | |||
| January 31, | January 31, | |||
| 2014 | 2013 | 2014 | 2013 | |
| $ | $ | $ | $ | |
| Revenue | 2,004,000 | 572,000 | 2,892,000 | 2,036,000 |
| Net loss attributable to shareholders | (2,000) | (3,627,000) | (2,025,000) | (9,369,000) |
| Diluted loss per share | 0.00 | (0.13) | (0.07) | (0.33) |
| Net cash flow from operating activities | 177,000 | (1,098,000) | (2,643,000) | 3,869,000 |
Additional information on the Corporation's results of operations is included in the Corporation's MD&A and Financial Statements, which were filed on SEDAR today and are also available on the Corporation's website at www.altiusminerals.com.
On December 24, 2013, the Corporation entered into a definitive agreement (the "Arrangement Agreement") with Sherritt International Corp. ("Sherritt") to acquire a 52.36% interest in the coal and potash royalty business of Prairie Mines & Royalty Limited ("Prairie Royalties") and Sherritt's 50% interest in Carbon Development Partnership ("CDP"). Subsequent to the announcement the Ontario Teachers' Pension Plan Board ("OTPPB") exercised its tagalong right under the CDP partnership agreement, which requires Altius to acquire OTTPB's 50% interest in CDP on the same terms and conditions as those contained in the Arrangement Agreement. The total cash consideration to be paid for 52.36% of Prairie Royalties and 100% of CDP is $240,897,000 and $42,000,000, respectively. The ultimate amount to be paid for Prairie Royalties may be less depending on the decision of a third party with respect to a right of first refusal held by the third party for the Genesee royalty component of the portfolio. Subject to regulatory approvals and the right of first refusal on the Genesee royalty, the acquisition closing is expected to occur by April 30, 2014.
About Altius
Altius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties and investments. Altius has a strong financial position with total assets of approximately $281 million, including $123 million in cash and marketable securities. It has also built a portfolio of directly and indirectly held junior resource investments, including 32.9 million shares of Alderon Iron Ore Corp. (TSX:ADV).
Altius owns a 3% gross sales royalty on the Kami iron ore project of Alderon, an effective 0.3% net smelter return royalty on the producing Voisey's Bay nickel-copper-cobalt mine, a 2% gross sales royalty on uranium in the Central Mineral Belt project of Paladin Energy Ltd., and several earlier stage resource project royalties. Its growing project generation pipeline consists of a diversified portfolio of exploration projects, many of which have attracted joint venture funding partners.
Altius is a member of the S&P/TSX Global Mining Index and currently has 27,595,821 shares outstanding.
Contact
Altius Minerals Corp.
Ben Lewis or Chad Wells
1.877.576.2209
709.576.3441
info@altiusminerals.com
www.altiusminerals.com
