VANCOUVER, BC, Aug. 20, 2021 /CNW/ - Ely Gold Royalties
Inc. (TSXV: ELY) (OTCQX: ELYGF) ("Ely Gold") and Gold Royalty Corp.
(NYSE American: GROY) ("GRC") are pleased to announce that
Ely Gold has obtained a final order
from the Supreme Court of British
Columbia, dated August 20,
2020, fulfilling a material condition of their previously
announced business combination to be completed by way of statutory
plan of arrangement under the British
Columbia Business Corporations Act (the
"Arrangement") With this court approval, most of the
terms and conditions to the implementation of the Arrangement have
now been met, including the approval of Ely
Gold shareholders ("Ely Shareholders") obtained at a
special general meeting held on August 17,
2021.
Pursuant to the Arrangement, GRC will acquire all of the issued
and outstanding Ely Gold Common Shares (the "Ely Gold
Shares"). Based on the elections received from Ely Gold
Shareholders, after pro-rationing and adjustments in accordance
with the Arrangement, each Ely Gold
Share is expected to be acquired by GRC in exchange
for 0.2450 of a GRC Common Share, plus $0.0001 for Ely Shareholders who elected, or were
deemed to have elected, the Share Alternative; and 0.099166 of
a GRC Common Share, plus $0.869053
for Ely Shareholders who elected the Cash Alternative. The
Arrangement is currently expected to be completed on August 23, 2021, provided that all of the
conditions to the Arrangement are satisfied or waived.
The Ely Gold Shares are expected to be delisted on the TSX
Venture Exchange ("TSXV") effective on the close of trading
on August 23, 2021. The Ely
Gold Shares will also be removed from quotation on the OTCQX.
Following the completion of the Arrangement, the GRC Common
Shares issued in connection with the Arrangement are expected to be
listed on the NYSE American.
The completion of the Arrangement remains subject to the final
acceptance of the TSXV. For further details, please refer to
the Ely Gold Information Circular dated July
20, 2021, which is available under the Company's profile on
SEDAR at www.sedar.com.
GRC anticipates that the share certificates representing the GRC
Common Shares issued pursuant to the Arrangement will be sent to
former registered Ely Gold Shareholders shortly after completion of
the Arrangement. For more information regarding the new GRC
share certificates please refer to AST Trust Company (Canada) by dialing 1-800-387-0825 (within and
outside North America). Ely Gold
Shareholders that own their Ely Gold Shares through a broker or
other intermediary should contact such broker or other intermediary
regarding their receipt of GRC Common Shares under the
Arrangement.
About Ely Gold Royalties Inc.
Ely Gold Royalties Inc.
is a Nevada focused gold royalty
company. Its current portfolio includes royalties at Jerritt
Canyon, Goldstrike and Marigold, three of Nevada's largest gold mines, as well as the
Fenelon mine in Quebec, operated
by Wallbridge Mining. Ely Gold
continues to actively seek opportunities to purchase producing or
near-term producing royalties. Ely
Gold also generates development royalties through property
sales on projects that are located at or near producing mines.
Management believes that due to Ely
Gold's ability to locate and purchase third-party royalties,
its strategy of organically creating royalties and its gold focus,
Ely Gold offers shareholders a
favorable leverage to gold prices and low-cost access to long-term
gold royalties in safe mining jurisdictions.
About Gold Royalty Corp.
Gold Royalty Corp. is a
gold-focused royalty company offering creative financing solutions
to the metals and mining industry. Its mission is to acquire
royalties, streams and similar interests at varying stages of the
mine life cycle to build a balanced portfolio offering near, medium
and longer-term attractive returns for its investors. Gold
Royalty's diversified portfolio currently consists of net smelter
return royalties on gold properties located in the Americas.
Cautionary Note Regarding Forward-looking
Statements: This news release contains forward
looking statements of Ely Gold and
GRC, within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and within the meaning of applicable Canadian
provincial securities legislation. Forward-looking statements are
statements which are not historical facts, including, without
limitation, statements regarding the proposed acquisition of
Ely Gold by GRC and the expected
timing of the completion date of the Arrangement and the delisting
of Ely Gold from the TSXV. There can
be no assurance that such statements will prove accurate. Such
statements are necessarily based upon a number of assumptions that
are subject to numerous risks and uncertainties that could cause
actual results and future events to differ materially from those
anticipated or projected. Important factors that could cause actual
results to differ materially from Ely
Gold's or GRC's expectations are in the documents are
detailed in Ely Gold's Information
Circular dated July 20, 2021
regarding the Arrangement, which is available under Ely Gold's issuer profile at www.sedar.com.
Other than as required by applicable securities legislation,
Ely Gold and GRC disclaim any
intention and assumes no obligation to revise or update any
forward-looking statement even if new information becomes
available, as a result of future events or for any other
reason.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
View original
content:https://www.prnewswire.com/news-releases/ely-gold-receives-final-court-approval-of-gold-royalty-business-combination-301360020.html
SOURCE Gold Royalty Corp.
