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Elemental Royalties Confirms Expiry of Unsuccessful Hostile Takeover Bid by Gold Royalty
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Elemental Royalties Corp. (TSXV...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Royalties Confirms Expiry of Unsuccessful Hostile Takeover Bid by Gold RoyaltyVancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental\" or \"the Company\") today confirmed that an inadequate, all-share hostile takeover bid (the \"Hostile Bid\") made by Gold Royalty Corp. (\"Gold Royalty\") for Elemental was not successful. Based on information from available sources, Elemental estimates that significantly less than 5% of its shares were tendered to the Hostile Bid. Having failed to meet the statutory minimum tender condition of more than 50% of the Elemental shares outstanding (excluding those shares beneficially owned, or over which control or direction is exercised by, Gold Royalty or by any persons acting jointly or in concert with Gold Royalty), Gold Royalty has allowed the Hostile Bid to expire.\"This Hostile Bid has been an unfortunate and unnecessary drain on Elemental management's time and resources,\" Elemental's CEO, Frederick Bell stated. \"Elemental shareholders have again overwhelmingly chosen to reject the Hostile Bid, which was never a compelling proposition and currently represents a material discount to Elemental shareholders rather than the premium announced by Gold Royalty.\" As previously disclosed, Elemental's Board continues to review alternative strategic options involving counterparties other than Gold Royalty. Elemental cautions shareholders that there can be no certainty of a transaction.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 (Canada) Ltd. 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 872 794 Direct: Email: [email protected] John Robins, Director+1 (604) 657 6226Media Inquiries:Longview Communications and Public AffairsAlan Bayless, Vancouver: (604) 417-9645, [email protected] Lloyd, Toronto: (416) 402-5029, [email protected] is a proud member of Discovery Group. For more inform...