Business
Elemental Royalties and Altus Strategies Complete Combination to Create a New Global Gold Royalty Champion
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2022) - Elemental Royalties Corp. (T...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Royalties and Altus Strategies Complete Combination to Create a New Global Gold Royalty ChampionVancouver, British Columbia--(Newsfile Corp. - August 16, 2022) - Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental\" or \"the Company\") is pleased to announce the completion of the previously announced share-for-share merger of equals (the \"Merger\") with Altus Strategies plc (AIM: ALS) (TSXV: ALTS) (OTCQX: ALTUF) (\"Altus\") to create a global gold royalty champion.The Merger has created a diversified and scalable royalty company well positioned to acquire further high-quality, producing royalty and streaming assets and to serve as a platform for further consolidation in the royalty sector.Elemental intends to change its name to 'Elemental Altus Royalties Corp.' and its trading symbol on the TSX-V will remain as ELE. On the OTCQX, the ticker remains ELEMF.Following the closing of the Merger, the combined company's board comprises the following eight directors: Steven Poulton (Executive Chairman), Frederick Bell (CEO), John Robins, Karim Nasr, Peter Williams, Martin Turenne, David Netherway, and Robert Milroy. Frederick Bell, CEO of the combined company, commented: \"A key driver for this Merger was the complementary management skills and strategies of both companies. We will continue our focus of acquiring accretive, uncapped precious metals royalties with a combination of near-term revenue and long-life production. We would also like to express our gratitude to Simon Collins for his support and contribution as a director of Elemental and in the lead-up to the Merger.\"Steven Poulton, Executive Chair of the combined company, added: \"Our increased scale will enhance our access to the highest-quality royalty arrangements and will provide a solid negotiating position to reduce our cost of capital. As we succeed, we will target medium-term capital distributions and further consolidation within the royalty industry.\"Transaction InformationThe Merger was completed by way of a court-sanctioned scheme of arrangement (the \"Scheme\") under the laws of the United Kingdom and was subject to approval by shareholders of Altus. The transaction was approved by Altus shareholders at two special shareholder meetings held on August 8, 2022 and the issuance of Elemental common shares under the terms of the Merger was appr...