Business
Gold Royalty Extends Expiry Date of Its Offer to Purchase Elemental Royalties and Files Third Notice of Variation and Extension
VANCOUVER, BC, April 27, 2022 /CNW/ - Gold Royalty Corp. (NYSE: GROY) ("Gold Royalty", or the "Company") announces that it has extended the expiry date of its p
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, April 27, 2022 /CNW/ - Gold Royalty Corp. (NYSE: GROY) (\"Gold Royalty\", or the \"Company\") announces that it has extended the expiry date of its previously announced offer (the \"Offer\") to acquire all of the outstanding common shares of Elemental Royalties Corp. (TSXV: ELE) (\"Elemental\") to 5:00 p.m. (Toronto time) on May 12, 2022, subject to any further abridgement, extension or withdrawal. A Third Notice of Variation and Extension, which sets out consequential amendments to reflect the extended expiry date, will be filed under Elemental's profile at www.sedar.com and mailed to Elemental shareholders. Other than with respect to the extension of the expiry date, the revisions do not change the principal terms or conditions of the Offer in any material respect. David Garofalo, President and CEO of Gold Royalty, commented: \"As previously stated, we commend the Elemental team for what they have built to date. However, we continue to believe that combining with Gold Royalty represents a unique and compelling opportunity for Elemental shareholders to benefit from enhanced scale, growth and liquidity. To that end, we have made several overtures to Elemental's board and management to engage in discussions and gain access to diligence with the objective of reaching a mutually-beneficial, board-supported transaction. While our attempts to engage have thus far been unsuccessful, we remain ready and willing to engage in discussions and gain access to management and due diligence with the objective of potentially revising the current offer and reaching a mutually-beneficial, board-supported transaction for the benefit of all stakeholders.\" The Company has extended the expiry date of the Offer by 10 working days in order to afford Elemental shareholders additional time to review and consider the Offer. In the event that the conditions to the Offer, including the receipt of requisite deposits of Elemental common shares, are not satisfied by the new expiry date and in the absence of constructive engagement with Elemental towards a negotiated transaction, the Company does not currently plan to further extend the expiry date. Conditions to the Offer The Offer remains subject to certain conditions, including, among other things: (i) there having been validly deposited pursuant to the Offer and not withdrawn at the e...