Franco-Nevada Announces Closing of Weyburn Net Royalty Interest Acquisition
November 13 2012 - 4:37PM
PR Newswire (US)
Franco-Nevada Announces Closing of Weyburn Net Royalty Interest
Acquisition
TORONTO, Nov. 13, 2012 /PRNewswire/ - Franco-Nevada
Corporation (TSX: FNV; NYSE: FNV) today announced the closing of
the acquisition of an 11.7% net royalty interest ("NRI") in the
Weyburn Oil Unit (the "Unit") from Penn West Petroleum Ltd. and
Penn West Petroleum. Franco-Nevada
paid C$400 million in cash, prior to
minor closing adjustments, for the NRI with funds coming from
working capital. The acquisition has an effective date of
October 1, 2012.
About Franco-Nevada
Franco-Nevada is a gold royalty
and stream company. The Company has a diversified portfolio
of cash-flow producing assets and interests in some of the largest
new gold development and exploration projects in the world.
Its business model benefits from rising commodity prices and new
discoveries while limiting exposure to operating and capital cost
inflation. Franco-Nevada has substantial cash with no debt
and is generating cash flow from its portfolio that is being used
to expand its portfolio and pay monthly
dividends. Franco-Nevada's common shares trade under the
symbol FNV on both the Toronto and
New York stock exchanges.
SOURCE Franco-Nevada Corporation
Copyright 2012 PR Newswire
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