MONTREAL - Caisse de depot et placement du Quebec said Thursday it has increased its stake in Canadian Royalties Inc. (TSX:CZZ) with the purchase of 2.1 million shares in the company.
The Caisse said it paid $1.20 per share for the stake.
The Quebec pension fund manager now holds more than 3.5 million shares in Canadian Royalties as well as $40 million in convertible debentures.
If the Caisse were to convert the debentures it would hold'.1 million shares in Canadian Royalties or roughly a 15.5 per cent stake on a partially diluted basis.
Canadian Royalties is developing the Nunavik nickel-and-copper project near Nunavik, Que. Shares in the company were down 11 cents at $1.19 on the Toronto Stock Exchange on Thursday.
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