VANCOUVER, BC, June 4, 2024
/PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the
"Company") (NYSE American: GROY) is pleased to announce that
it has completed its previously announced acquisition of a copper
stream (the "Stream") on the Vares Silver Project
("Vares"), operated by a subsidiary of Adriatic Metals plc
and located in Bosnia and
Herzegovina (the "Transaction").
David Garofalo, Chairman and CEO
of Gold Royalty, commented: "Closing this Transaction further
solidifies our outlook for strong free cash flow growth in 2024 and
beyond. We believe Vares is an exceptional asset that supplements
our robust portfolio of royalties on long-life and low-cost
projects in top-tier mining jurisdictions. We look forward as our
operating partners deliver at the assets underlying our interests
and our revenue growth potential is crystalized."
Pursuant to the Transaction, the Company acquired the Stream
from OMF Fund III (Cr) Ltd. ("OMF"), an entity managed by
Orion Mine Finance Management LP, in consideration for US$50 million, satisfied at closing by paying
US$45 million in cash and issuing
2,906,977 common shares of the Company to OMF at closing.
In connection with the Transaction, the Company completed its
previously announced amendment to its credit agreement with the
Bank of Montreal and the National
Bank of Canada, which expanded its
existing secured revolving credit facility by US$5 million. The facility now consists of a
US$30 million secured revolving
credit facility with an accordion feature providing for an
additional US$5 million of
availability subject to certain conditions.
About Gold Royalty Corp.
Gold Royalty Corp. is a gold-focused royalty company offering
creative financing solutions to the metals and mining industry. Its
mission is to invest in high-quality, sustainable, and responsible
mining operations to build a diversified portfolio of precious
metals royalty and streaming interests that generate superior
long-term returns for our shareholders. Gold Royalty's diversified
portfolio currently consists primarily of net smelter return
royalties on gold properties located in the Americas.
Forward-Looking Statements
Certain of the information contained in this news release
constitutes "forward-looking information" and "forward-looking
statements" within the meaning of applicable Canadian and U.S.
securities laws (collectively, "forward-looking statements"),
including but not limited to statements regarding the Company's the
anticipated benefits of the Transaction, the Company's expectations
regarding future cash flows and the disclosed expected activities,
milestones and projections of the operators of the properties
underlying the Company's interests . Such statements can be
generally identified by the use of terms such as "may", "will",
"expect", "intend", "believe", "plans", "anticipate" or similar
terms. Forward-looking statements are based upon certain
assumptions and other important factors, including that the
operators of the properties underlying the Company's interests will
achieve their disclosed expected timelines and milestones.
Forward-looking statements are subject to a number of risks,
uncertainties and other factors which may cause the actual results
to be materially different from those expressed or implied by such
forward-looking statements including, among others, any inability
of the operators of the properties underlying the Company's
interests to execute proposed plans for such properties or to
achieved planned development and production estimates and goals,
risks related to the operators of the projects in which the Company
holds interests, including the successful continuation of
operations at such projects by those operators, risks related to
exploration, development, permitting, infrastructure, operating or
technical difficulties on any such projects, the influence of
macroeconomic developments, commodities price volatility and
other factors set forth in the Company's Annual Report on Form 20-F
for the year ended December 31, 2023
and its other publicly filed documents under its profiles at
www.sedarplus.ca and www.sec.gov. . Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements, except
in accordance with applicable securities laws.
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SOURCE Gold Royalty Corp.