Freehold Royalties Ltd.

Entered an agreement with RBC Capital Markets and TD Securities Inc., on behalf of the underwriters, to issue, on a bought deal basis, roughly 16.6 million subscription receipts at a price of $9.05 per subscription receipt. Each subscription receipt will entitle the holder thereof to receive one common share of Freehold upon closing of the company’s pending acquisition of U.S. royalty assets located in the Eagle Ford oil basin in Texas. Underwriters have been granted an over-allotment option exercisable in whole or in part to purchase up to about 2.5 million additional subscription receipts on the same terms as the offering. Proceeds will be held in escrow pending the completion of the U.S. royalty transaction.