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Shares of Triple Flag Precious Metals Corp were flat in its trading debut on Thursday after the Canadian mine financing company raised more than US$250-million in an initial public offering, the biggest Toronto Stock Exchange mining debut since 2012.

Led by former Barrick Gold Corp executive Shaun Usmar, Triple Flag provides up-front financing to miners in exchange for a share of future revenue or production. It holds royalty interests in Alamos Gold Inc’s Young-Davidson mine in Ontario and Kirkland Lake Gold Ltd’s Fosterville underground mine in Australia.

Triple Flag, backed by Elliott Management Corp, said proceeds would repay debt. The stock was last trading at $15.67 compared to an offer price of US$13.00.

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The offering led by Bank of America Securities, Credit Suisse Group and Bank of Nova Scotia included a US$37.5 million over-allotment, making it the fifth-largest metals and mining IPO in Canadian history behind Pretium Resources and the biggest in nine years, according to Refinitiv.

In July, Triple Flag agreed to pay US$550-million to China Molybdenum Co Ltd (CMOC) for future production of precious metals at CMOC’s Northparkes mine in Australia.

The company in December 2019 pulled a stock market launch citing difficult conditions for new listings.

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