Business
Ely Gold Royalties Shareholders Approve Gold Royalty Business Combination
VANCOUVER, BC, Aug. 18, 2021 /CNW/ - Ely Gold Royalties Inc. (TSXV: ELY) (OTCQX: ELYGF) ("Ely Gold") and Gold Royalty Corp. (NYSE American: GROY) ("GRC") are pl
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 18, 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, at a special meeting of Ely Gold Shareholders (the \"Ely Gold Shareholders\") held August 17, 2021 (the \"Meeting\"), the Ely Gold Shareholders overwhelmingly approved a special resolution (the \"Arrangement Resolution\") authorizing the previously announced business combination between Ely Gold and GRC to be completed by way of statutory plan of arrangement (the \"Arrangement\") under the British Columbia Business Corporations Act. The Arrangement Resolution was approved by 99.52% of the votes cast by Ely Gold Shareholders present in person or represented by proxy at the Meeting. In addition, as required by Multilateral Instrument 61-101 of the Canadian Securities Administrators (\"MI 61-101\"), the Arrangement Resolution was approved by 99.47% of the votes cast by Ely Gold Shareholders excluding votes cast by \"interested parties\" (as defined under MI 61-101). The total votes cast for the Arrangement Resolution represented approximately 49.02% of Ely Gold's total issued and outstanding common shares (\"Ely Gold Shares\"). \"I would like to take this opportunity to thank all Ely Gold Shareholders for their unwavering support over the past 10 years. It is my belief that this transaction will provide significant additional value to shareholders going forward\", said Ely Gold's President and Chief Executive Officer, Trey Wasser. Pursuant to the Arrangement, GRC will acquire all of the issued and outstanding Ely Gold Shares. Based on the elections received from Ely Gold Shareholders and 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 GRC Common Shares issued in connection with the Arrangement are expected to be listed on the NYSE American after closing. Completion of the Arrangement remains subject to, among other things, the final approval of the Supreme Court of British Columbia (the \"Court\")...