Franco-Nevada Corporation Launches Initial Public Offering in Canada


    TORONTO, Nov. 20 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada")
announced today that it has launched its initial public offering of common
shares and that it is filing a second amended and restated preliminary
prospectus with the securities regulatory authorities in each of the provinces
and territories of Canada in connection with the offering. Proceeds of the
offering will be utilized by Franco-Nevada to acquire the royalty assets and
certain other non-core investments of Newmont Mining Corporation ("Newmont").
    Earlier this year, Newmont announced plans to monetize components of its
royalty and equity portfolio to fund the development of its core gold
business, resulting in the discontinuation of the Merchant Banking Segment as
a separate business unit.
    Franco-Nevada has been formed as a resource sector royalty and investment
company to acquire components of Newmont's mining and oil & gas royalty and
equity portfolio. The management team of Franco-Nevada is formed primarily
from employees of Newmont's Merchant Banking Segment, including David
Harquail, who will serve as Chief Executive Officer and a Director of
Franco-Nevada. The Board of Directors of Franco-Nevada is led by Pierre
Lassonde, as Chairman, and includes Graham Farquharson, Louis Gignac, Randall
Oliphant and David Peterson. Directors and Management have agreed to subscribe
for approximately 7.7% of the pro-forma shares outstanding of Franco-Nevada,
including the subscription by Pierre Lassonde of an approximate 3.8% interest.
    Pierre Lassonde, the Chairman of Franco-Nevada, said, "It is very
exciting that we have the opportunity to participate in Newmont's monetization
of its royalty portfolio. The IPO of Franco-Nevada will allow investors the
opportunity to participate in what we believe to be one of the largest
holdings of precious metal and resource royalties in a publicly-listed
company. I look forward to my role as Chairman of a company that intends to
manage and grow this portfolio with a view to delivering attractive returns
over long-term commodity cycles.
    BMO Capital Markets and UBS Securities are joint bookrunners of the
offering. The closing of the transaction is expected to occur in December,
    A copy of the amended and restated preliminary prospectus that has been
filed with the Canadian securities regulators is available and the second
amended and restated preliminary prospectus after filing will be available, at
    The securities referenced by this news release have not been and will not
be registered under the United States Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or
applicable exemption from registration requirements. This news release does
not constitute an offer to sell or the solicitation of an offer to buy common
shares of Franco-Nevada Corporation in any jurisdiction.

    This news release contains forward-looking statements, including
"forward-looking statements" within the meaning of applicable Canadian and
United States securities laws. Such forward-looking statements include,
without limitation, statements regarding the timing, terms and conditions and
anticipated consequences of the possible transaction. Where statements by
Franco-Nevada express or imply an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, forward-looking statements are subject to
risks, uncertainties and other factors, which could cause actual results to
differ materially from future results expressed, projected or implied by such
forward-looking statements. Franco-Nevada expressly disclaims any obligation
to release publicly revisions to any forward-looking statement to reflect
events or circumstances after the date of this news release, or to reflect the
occurrence of unanticipated events, except as may be required under applicable
securities laws. Additionally, Franco-Nevada expressly disclaims any
obligation to comment on expectations of, or comments made by, third parties
in respect of the possible transaction.

For further information:

For further information: David Harquail, Chief Executive Officer, (416)
480-6480; Paul Brink, Chief Financial Officer, (416) 480-6480

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