Star Royalties announced the closing of a strategic investment into Green Star Royalties by Cenovus Energy Inc. (CVE) for total consideration of C$21.2 million. Following this Strategic Investment, Cenovus will own 25.9% of the common shares of Green Star along with the right to invest alongside Green Star in high-integrity carbon projects. Green Star now operates as a joint venture between Star Royalties, Agnico Eagle Mines Limited (AEM), Cenovus, and certain members of Star Royalties’ and Green Star’s management teams and Boards of Directors. The Strategic Investment adds another leading Canadian natural resources and environmental, social and governance sector leader as a strategic shareholder of Green Star following Agnico Eagle’s strategic investment in Green Star in May 2022. Following the Strategic Investment, the Company retains ownership of approximately 45.9% of Green Star’s common shares, Agnico Eagle and Cenovus each own approximately 25.9% of the common shares and the remaining 2.3% is owned by Management.
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