| | Published : March 28th, 2008 | Reports Initial Financial Results and Year End Oil and Gas Reserves |
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Franco-Nevada
Reports Initial Financial Results and Year End Oil and Gas Reserves
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NOT FOR DISTRIBUTION TO US NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES
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This press release contains
forward-looking statements. Reference should be made to
“Forward-looking
Statements” at the end of this press release.
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TORONTO,
March 28, 2008 - Franco-Nevada Corporation (TSX: FNV)
today reported its initial financial results for the period starting from its
incorporation on October 17, 2007 and ending December 31, 2007. All figures
are in U.S. dollars unless otherwise noted.
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On
December 20, 2007, Franco-Nevada completed its initial public offering
(“IPO”) and listing on the Toronto Stock Exchange, entered into
an acquisition credit facility with a syndicate of lenders and purchased the
Royalty Portfolio assets from Newmont Mining Corporation for $1.21 billion. On
December 31, 2007 Franco-Nevada used a portion of the proceeds from the
exercise of the IPO over-allotment option to repay the credit facility. The
financial results for the partial period in 2007 represent only eleven days
of revenue from the assets and the one time costs related to the IPO and
acquisition of the assets. As Franco-Nevada was only established during the
period, there are no year-over-year comparable figures.
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Selected
Financial Information for the period ended and as at December 31, 2007:
(thousands
of U.S. dollars except per share amounts)
Statement of Operations
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Total revenue
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$ 3,281
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Depletion
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2,388
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Net loss
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(33,079)
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Basic and
diluted loss per share
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$(0.38)
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Balance Sheet
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Cash
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$ 12,894
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Total assets
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1,366,656
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Total shareholders’
equity
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1,287,054
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The net loss included $32.6 million in
non-recurring, non-cash charges related to the IPO and the acquisition of
the Royalty Portfolio assets. Franco-Nevada’s complete 2007 Financial
Statements and Management Discussion and Analysis along with the 2007
Annual Report and the Annual Information Form dated March 28, 2008 can be
found on www.sedar.com and on the Company’s web site at
www.franco-nevada.com.
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Franco-Nevada
today also filed its Reserves Assessment and Evaluation of Canadian Oil and
Gas Properties dated March 26, 2008. This assessment and evaluation was
prepared by GLJ Petroleum Consultants on all of
Franco-Nevada’s
producing oil and gas properties and has an effective date of December 31,
2007. Proved reserves are 5.7 million barrels of oil equivalent, net after
royalty. The full assessment and evaluation can be found on www.sedar.com
and on the Company’s web site at www.franco-nevada.com.
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On March 13,
2008, Franco-Nevada closed a unit offering with a syndicate of underwriters
raising net proceeds of C$256.3 million. Each unit consisted of a common
share plus a half share purchase warrant. On March 28, 2008, Franco-Nevada
has 100.3 million common shares and 5.75 million warrants outstanding. The
$150 million credit facility also remains fully available to the company..
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Interim
financial statements for the period ended March 31, 2008 are expected to be
released on May 12, 2008. Franco-Nevada will host its Annual General
Meeting on May 13, 2008 and its annual Analyst Day on May 15, 2008. Details
of these meetings are available on the Company’s web site.
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Franco-Nevada
Corporation and its subsidiaries are currently Passive Foreign Investment
Companies (“PFIC”) for United States income tax purposes. An
annual PFIC information statement will be posted on the Company’s
website in early April.
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Franco-Nevada
Corporation (TSX: FNV) is a resource royalty and investment company. The
Company owns a diversified portfolio of precious and base metal royalties,
oil and gas royalties and other interests. The portfolio includes assets in
production, under development or in the exploration phase mostly located in
geopolitically secure countries. Franco-Nevada intends to use its free-cash
flow to further expand its portfolio in the resource sector and to pay
dividends.
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This press release contains
forward-looking information, 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 transactions. 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 (including without
limitation risk factors identified in Franco-Nevada’s filings
available at www.sedar.com), 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.
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For more information, please
contact:
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Alex
Morrison
H. Geoff Waterman
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Chief Financial
Officer Chief Operating
Officer
416-480-6480
416-480-6480
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..
========================================================
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Franco Nevada Corp.
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PRODUCER |
CODE : FNV.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Franco-Nevada is a gold royalty company based in Canada. Franco-Nevada produces gold, copper, nickel, pgm, platinum, silver and uranium in Australia, in Canada, in Ghana, in Indonesia, in Mauritania, in Mexico, in South Africa and in USA, develops copper, gold, lead, molybdenum, nickel, silver and zinc in Canada, in Dominican Republic and in Greece, and holds various exploration projects in Argentina and in Australia. Its main assets in production are BALD MOUNTAIN in USA, HEMLO, HOLLISTER, ROBINSON (NEVADA) and HOLLOWAY in Canada, NORTH LANUT and MT. MURO in Indonesia, EZULWINI, MARIGOLD, MESQUITE, PANDORA JV and (MWS) BUFFELSFONTEIN TAILING PROJECT in South Africa, TASIAST in Mauritania, CERRO SAN PEDRO, PALMAREJO, GOLDSTRIKE and STILLWATER MINE in Mexico, MOUNT KEITH - OC and MOUNT KEITH - SP in Australia and AHAFO SOUTH in Ghana, its main assets in development are DEE PROJECT, TULSEQUAH CHIEF, ROSEMONT RANCH and PROSPERITY in Canada, PERAMA HILL in Greece and FALCONDO MINE in Dominican Republic and its main exploration properties are DETOUR LAKE, EDSON, WEYBURN UNIT and MIDALE UNIT in Canada, TARICORI and PINSON in Peru, PECULIAR KNOB, ADMIRAL HILL and MOOLART WELL in Australia and CALCATREU in Argentina. Franco-Nevada is listed in Canada and in United States of America. Its market capitalisation is CA$ 30.2 billions as of today (US$ 22.3 billions, € 20.0 billions). Its stock quote reached its lowest recent point on March 08, 2019 at CA$ 100.00, and its highest recent level on September 17, 2024 at CA$ 169.45. Franco-Nevada has 178 480 000 shares outstanding. |
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