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Maverix Metals boosts credit facility to US$120M to increase royalty portfolio

CEO Matt Fargey told shareholders the company has no plans to slow down when it comes to further acquisitions

gold nuggets US dollar
Maverix currently owns 80 royalties in 16 countries

Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX) is upsizing its credit facility to up to US$120 million to fund further acquisitions, the company announced Monday.

The gold royalty and streaming company is growing its portfolio of assets, which include 80 royalties in 16 countries.

CEO Matt Fargey told shareholders that the Vancouver-based company has no plans to slow down when it comes to further acquisitions.

READ: Maverix Metals completes acquisition of additional royalty on Hope Bay gold mine

"This further increase to our revolving credit facility is supported by our strong and growing portfolio of royalties and precious metal streams and provides Maverix with additional liquidity to pursue further royalty and streaming opportunities,” Fargey said in a statement.

The royalty company also announced it had filed a prospectus to allow Maverix to offer up to US$300 million worth of shares, subscription receipts, units, warrants, share purchase contract and debt securities in the company.

The securities may be offered occasionally over a 25-month period under the prospectus until it expires on October 13, 2021.

Maverix's most recent acquisition was a 2.75% net smelter return royalty on TMAC Resources' Hope Bay mine, located in Nunavut, Canada.

Shares of Maverix dropped 1.3% on Monday morning in Toronto at C$5.91 and 0.4% in New York to trade at US$4.50.

--Updated with share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Maverix Metals Inc

Price: 5.63 CAD

TSX:MMX
Market: TSX
Market Cap: $608.21 m
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Full interview: Maverix Metals acquires royalty in Nunavut and sees strong...

Maverix Metals (TSE: MMX-NYSE American: MMX) CFO Matt Fargey joined Steve Darling from Proactive Vancouver to discuss the company picking up another gold royalty. Fargey shares the reason why they liked this property and what the royalty is. Fargey also told Proactive about the companies...

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