Business
Elemental Royalties Urges Shareholders to Take No Action with Respect to Unsolicited Takeover Bid by Gold Royalty
The Board of Elemental continues to believe that Gold Royalty's Offer is opportunistic in tim...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Royalties Urges Shareholders to Take No Action with Respect to Unsolicited Takeover Bid by Gold RoyaltyThe Board of Elemental continues to believe that Gold Royalty's Offer is opportunistic in timing and substantially undervalues the Company's portfolio of revenue-generating royaltiesElemental shareholders who have questions can contact Morrow Sodali, the information agent,at 1- 888-777-2158 or by e-mail at [email protected], British Columbia--(Newsfile Corp. - January 11, 2022) - Elemental Royalties Corp. (TSXV: ELE) OTCQX: ELEMF) (\"Elemental\" or \"the Company\") today confirmed that Gold Royalty Corp. (\"Gold Royalty\") has commenced a highly conditional and unsolicited all-share takeover bid (the \"Offer\") to acquire all outstanding common shares of the Company.The Board of Directors of Elemental, following input from its financial and legal advisors, has already announced its intention to recommend that shareholders reject an unsolicited all-share takeover bid from Gold Royalty based on the terms as proposed by Gold Royalty in its December 20, 2021 news release. Now that the Offer has been commenced, the Board will review the Offer in detail and provide a response in due course. The Board has 15 days to provide shareholders with a formal recommendation regarding the Offer. Shareholders will be notified of the recommendation of the Board through a news release and Directors' circular.Elemental intends to continue business as usual and is actively pursuing new royalty and other opportunities. At the same time, the Board will review alternative strategic options that might represent more compelling value to the Company's shareholders than the Offer. Elemental cautions shareholders that there can be no certainty of a takeover or other change of control transaction involving the Company being completed.Elemental continues to advise shareholders to take no action with regard to the Offer.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 DirectorInve...