Triple Flag Precious Metals Corp. dropped plans for an IPO in Canada, citing "challenging" year-end market conditions, it said in a Dec. 11 release.
Triple Flag had expected to raise up to C$360 million if the 20 million shares it planned to issue were priced at the top end of the C$15 to C$18 per share range, according to securities filings.
Triple Flag, backed by New York hedge fund Elliott Management Corp., is a royalty and streaming company largely focused on precious metals. Its assets include a gold-silver stream on Continental Gold Inc.'s Buritica gold project in Colombia and a royalty on Kirkland Lake Gold Ltd.'s Fosterville gold mine in Australia, according to its filings.
The withdrawal of the IPO comes amid a flurry of acquisition action in the gold sector, with recent activity including Zijin Mining Group Co. Ltd.'s bid to buy Continental Gold for C$1.33 billion.
A Triple Flag spokesperson declined to comment further on the move to withdraw the planned IPO.