Altius Renewable Royalties (OTCQX: ATRWF) announces a US$30 million financing agreement through its subsidiary, Great Bay Renewables, with Nokomis Energy. The agreement targets Nokomis's solar projects portfolio, spanning 77 developments across seven states. The investment will be distributed in tranches based on project milestones, beginning with an initial US$6 million. Great Bay will secure a 3% or higher gross revenue royalty per project until a minimum return is met. Additionally, Great Bay has the option to invest another US$15 million in the future. This deal marks Great Bay’s entry into the distributed solar market, diversifying its renewable energy investments.
Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) announced that all resolutions presented at its May 22, 2024 Annual and Special Meeting of Shareholders were approved. A record high of 89.7% of total common shares, equating to 27,606,034 shares, were voted.
Key resolutions included the appointment of Deloitte LLP as auditors with 99.997% approval and the election of directors Earl Ludlow, Karen Clarke-Whistler, David Bronicheski, Anna El-Erian, and André Gaumond, all receiving over 99% approval. Other resolutions such as Say on Pay and unallocated entitlements under LTIP were also passed with over 99% approval.
Altius Renewable Royalties Corp. reported strong financial results for Q1 2024, with a 145% increase in royalty revenue compared to the same period in 2023. The net loss was $0.2 million, proportionate revenue was $3.6 million, adjusted EBITDA was $2.5 million, and adjusted operating cash flow was $0.6 million. GBR joint venture's revenue growth was driven by non-recurring events like project sales proceeds and escrow releases. Despite increased revenues, there were also higher costs due to losses in equity investments. GBR announced new royalty investments and maintained annual revenue guidance for 2024. The holds significant cash and liquidity for future investments.
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