Pierre Lassonde - Chairman, Franco-Nevada Corporation

There are some rumours out there that BMK is on watch list to be taken over, and it is somebody very close to company and I am always pointing to this Insider. Think for a moment, why FNV is purchasing Cdn$322 million to take over some company. Here is news and take this however you want:

Thursday , 28 May 2009

Royalty-focused Franco-Nevada said Wednesday it had entered into an agreement with a syndicate of underwriters which have agreed to purchase 10 million units of the company at a price of $32.20 per unit for aggregate gross proceeds of Cdn$322 million (US$288 million) .

Each unit will be comprised of one common share and one-half of one common share purchase warrant. The underwriters, co-led by BMO Capital Markets, GMP Securities, and CIBC World Markets, have the option to purchase an additional 1.5 million units up to 30 days after the offering is scheduled to close on June 16th .

In an interview with Reuters last month, Franco-Nevada CEO David Harquail said the company sees numerous investment opportunities created by the global financial crisis . The company currently has more than 300 royalty assets in gold, PGM , oil and gas properties and operations with gold revenues making up 65% of Franco's royalty revenues.

Franco paid $103.5 million last December for a 7.29% gross royalty at Newmont's Gold Quarry in Newmont and $80 million in January for 50% of the gold royalty stream at Palmarejo, Mexico. The company has more than $300 million of available acquisition capital remaining .