Business
Elemental Royalties Completes Acquisition of Ming Gold Stream
Vancouver, British Columbia--(Newsfile Corp. - April 4, 2022) - Elemental Royalties Corp. (TSX...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Royalties Completes Acquisition of Ming Gold StreamVancouver, British Columbia--(Newsfile Corp. - April 4, 2022) - Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental\" or \"the Company\") is pleased to announce that it has completed the previously announced acquisition of a gold purchase and sale agreement (the \"Ming Gold Stream\") with Rambler Metals and Mining Canada Limited, a wholly owned subsidiary of Rambler Metals and Mining PLC (\"Rambler\") (AIM: RMM), the owner of the Ming Copper-Gold Mine (the \"Ming Mine\") in Newfoundland and Labrador in Canada.As consideration for the Ming Gold Stream, Elemental made a cash payment of US$11 million (the \"Cash Payment\") to Rambler. The Cash Payment was funded through the proceeds of the Company's previously announced equity financing in the form of a non-brokered private placement of 9,275,000 common shares of Elemental (\"Shares\") at a price of C$1.51 per Share for proceeds to Elemental of C$14,005,250. An affiliate of La Mancha Fund SCSp, a Luxembourg-based deep value fund, participated in the Financing with an investment of approximately US$8.5 million (approximately C$10.9 million) for 7,250,000 Shares, representing approximately 9.3% of Elemental's pro-forma enlarged share capital. Further details are contained within Elemental's announcement dated March 17, 2022.\"Completing the acquisition of the Ming Gold Stream is our first transaction with a Canadian mine, providing immediate cash flow to Elemental whilst further increasing our exposure to Tier 1 mining jurisdictions,\" said Frederick Bell, Elemental's Chief Executive Officer. \"The equity financing was completed at a significant premium to the implied price of the all-share Hostile Bid and further reinforces Elemental's ability to execute on cash flowing royalties and attract new high-quality shareholders.\" AdvisorsThe Company has engaged Canaccord Genuity Corp. as its sole financial advisor and Fasken Martineau DuMoulin LLP as legal advisor to the Company and its Board. Longview Communications and Public Affairs is engaged as communications advisor to the Company. Morrow Sodali is acting as information agent and strategic advisor to Elemental. On behalf of Elemental Royalties Corp.Frederick BellCEO and DirectorInvestor Inquiries:Frederick Bell, CEO and Director Direct: +44 (0) 7554 872 ...