On June 10, 2025, Tether Investments S.A. de C.V. (“Tether Investments”), a company focused on strategic investments that complement its vision for open financial systems supported by digital and real-world assets, made a strategic acquisition by purchasing outstanding common shares of Elemental Altus Royalties Corp. (“Elemental”), a Canadian listed gold-focused royalty company. The acquisition resulted in Tether Investments owning approximately 33.7% of the issued and outstanding common shares of Elemental, and up to 47.7% of the issued and outstanding common shares of Elemental if the Alpha 1 Option (as defined below) is exercised.
Pursuant to the terms of the transaction, Tether Investments purchased 78,421,780 common shares of Elemental from La Mancha Investments S.à.r.l., a subsidiary of La Mancha Resource Fund SCSp., for a purchase price of $1.55 per common share (representing an aggregate purchase price of approximately $121.65 million).
Concurrent with the acquisition of the shares from La Mancha, Tether Investments entered into an option agreement with AlphaStream Limited and its wholly-owned subsidiary Alpha 1 SPV Limited (“Alpha 1”), pursuant to which Alpha 1 granted Tether Investments an option (the “Alpha 1 Option”) to acquire an aggregate of 34,444,580 common shares of Elemental owned by Alpha 1, at a maximum exercise price of $1.55 per common shares (representing a maximum aggregate exercise price of approximately $53.4 million).
Cassels acted for Tether Investments.