Business
Gold Royalty and Ely Gold Royalties Complete Combination to Create a Leading Growth and Americas-Focused Precious Metals Royalty Company
VANCOUVER, BC, Aug. 23, 2021 /CNW/ - Gold Royalty Corp. ("GRC") (NYSE American: GROY) and Ely Gold Royalties Inc. ("Ely Gold") (TSXV: ELY) (OTCQX: ELYGF) are pl
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 23, 2021 /CNW/ - Gold Royalty Corp. (\"GRC\") (NYSE American: GROY) and Ely Gold Royalties Inc. (\"Ely Gold\") (TSXV: ELY) (OTCQX: ELYGF) are pleased to announce the completion of the previously announced business combination between GRC and Ely Gold (the \"Transaction\") by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the \"Arrangement\"). David Garofalo, CEO, President and Chairman of GRC, stated: \"We are delighted to have completed our acquisition of Ely Gold, which is an important milestone as we execute our business strategy since our IPO in March 2021. With four producing royalties, 57 royalties on development stage assets and 45 royalties on exploration stage assets, the acquisition of Ely Gold creates a leading Americas-focused precious metals royalty company. The added scale, diversification, cash flow and access to capital provided by this transformative transaction well positions us to further execute on our strategy and become a leading consolidator in the royalty space. As this transaction demonstrates, we remain focused on opportunities to create shareholder value and will continue to identify and evaluate attractive acquisition opportunities that are consistent with our core strategy.\" Trey Wasser, CEO, President and Director of Ely Gold, who has joined GRC's board of directors, commented: \"I would like to thank the Ely Gold shareholders for their ongoing support. I am very proud of the Ely Gold team and what we accomplished. Over the past several weeks, I have had the opportunity to work closely with the GRC team and remain impressed with the depth of their capabilities and their commitment to building a peer-leading precious metals royalty company. I look forward to joining GRC's board and working with its management team to build on the solid foundation created through the combination of our companies.\" Jerry Baughman, President of Nevada Select, a subsidiary of Ely Gold, commented, \"The combined company has a peer-leading royalty portfolio and is uniquely positioned to identify, originate and execute on additional royalty purchases. Over 100 royalties or properties acquired by GRC under the Transaction were staked, or purchased, under my supervision and I look forward to continuing to utilize my netw...