Business
Gold Royalty, Abitibi Royalties and Golden Valley Complete Combination
VANCOUVER, BC, Nov. 5, 2021 /CNW/ - Gold Royalty Corp. (NYSE American: GROY) ("Gold Royalty"), Golden Valley Mines and Royalties Ltd. (TSXV: GZZ) (OTCQX: GLVMF)
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Nov. 5, 2021 /CNW/ - Gold Royalty Corp. (NYSE American: GROY) (\"Gold Royalty\"), Golden Valley Mines and Royalties Ltd. (TSXV: GZZ) (OTCQX: GLVMF) (\"Golden Valley\") and Abitibi Royalties Inc. (TSXV: RZZ) (OTC-Nasdaq Intl: ATBYF) (\"Abitibi Royalties\") are pleased to announce the completion of the previously announced business combinations between Gold Royalty and each of Abitibi Royalties and Golden Valley by way of statutory plans of arrangements (the \"Arrangements\"). David Garofalo, CEO, President and Chairman of Gold Royalty, stated: \"We are pleased to announce the successful completion of this key consolidation opportunity in the precious metals royalty space. The transactions further expand our portfolio by adding, among other things, a cornerstone royalty over the world class Canadian Malartic mine and further increase our presence in Québec and Nevada, two of the most favoured mining regions worldwide. Importantly, our balance sheet remains strong, with approximately US$45 million in cash and marketable securities as at November 4, 2021. We welcome Abitibi Royalties and Golden Valley shareholders as we continue to seek and evaluate additional acquisition opportunities to further continue our core growth trajectory.\" Glenn J. Mullan, former CEO, President and Chairman of Golden Valley, stated: \"I would like to thank Golden Valley's shareholders for their continued support throughout the years. With 191 royalties, including six cash-flow stage royalties and seven royalties that present near-term cash-flow opportunities, Gold Royalty holds a well-balanced, diversified and peer-leading portfolio. I am excited to join the board of directors of Gold Royalty, and to continue the prospect generation and royalty creation model in Québec and Ontario as part of Gold Royalty's experienced team.\" Ian Ball, former CEO and President of Abitibi Royalties, stated: \"The new Gold Royalty will become a driving force within the precious metals sector, focused on the goal of generating superior returns for its shareholders. I would like to thank our shareholders for their long-term support and look forward to seeing the management team and board at Gold Royalty execute on the business.\" Appointment of Director In connection with completion of the Arrangements, Glenn J. Mullan was appointed to the board of directors ...