Trident Royalties PLC (AIM:TRR) said it has completed the sale of a group of pre-production royalties to Franco-Nevada for up to US$15.55mln.
Following the sale Trident said it has also restructured its existing US$40mln debt facility with Macquarie Bank, with a 2% reduction in the coupon subject to leverage, saving up to US$800,000 per year in interest.
A loan term has also been extended by a year to December 2025, while quarterly repayments have been deferred until June 2024, with Macquarie taking an extension of its warrants in lieu of a fee.
In a statement, Adam Davidson, Trident chief executive, said: "The disposal of these gold royalties has delivered an impressive gross return of +140% on invested capital in two years, creating significant value for shareholders.
“We are encouraged by the recent performance of our paying royalties, with record quarterly receipts of US$3.5mln delivered in fourth quarter 2022, and with approximately US$35mln ready to be deployed on additional opportunities.”