TORONTO, March 10, 2022 /CNW/ - Vox Royalty Corp.
(TSXV: VOX) ("Vox" or the "Company"), a high
growth precious metals focused royalty company, is pleased to
provide a number of corporate updates to its shareholders.
Kyle Floyd, Chief Executive
Officer stated: "We are pleased to share a number of exciting
developments with Vox shareholders, including a potential secondary
listing of Vox common shares on the Nasdaq and record preliminary
2021 annual revenue. The Company has grown tremendously since its
initial public listing in May 2020
and is embarking on its next chapter of growth via a secondary
listing. We expect enhanced trading liquidity in the US market will
be a key step for Vox to continue delivering on its differentiated
strategy of exponential growth and sector-leading returns on
capital invested."
Q4 and Annual 2021 Preliminary Record Revenue
The Company is pleased to announce that it has realized
preliminary quarterly royalty revenue of C$728,000 (US$574,200)(1) for the three-month
period ended December 31, 2021. The
Company is also pleased to report that its preliminary annual
royalty revenue for the year ended December
31, 2021 was C$4,584,000
(US$3,651,700)(1), a
preliminary revenue record in the Company's 8 year history. Noting
the Company's original 2021 revenue forecast of C$1,700,000 – C$2,500,000 and its subsequent increase to
C$4,000,000 – C$5,000,000 on July 27,
2021, Vox management is pleased to deliver on its revenue
forecasts as anticipated.
Quarterly, year to date, and annual revenue guidance figures are
summarized in the below table:
|
Three months
ended
December 31,
2021
|
Twelve months ended
December 31, 2021
(Fiscal 2021)
|
2021 Annual
Guidance
|
Royalty revenue
(C$)
|
$728,000
|
$4,584,000
|
$4,000,000 –
$5,000,000
|
Royalty revenue
(US$)
|
$574,200(1)
|
$3,651,700(1)
|
$3,200,000 –
$4,000,000
|
Application for NASDAQ Listing
The Company is pleased to announce that it has submitted an
initial application to list its common shares on The Nasdaq Stock
Market ("Nasdaq") in order to support the Company's ongoing
capital markets and liquidity enhancement initiatives.
Pursuing a Nasdaq listing provides the Company with further
opportunities to broaden its institutional and retail investor base
and enhance the Company's visibility. Vox anticipates that a
secondary listing will provide further exposure to the US trading
and investor market and ultimately improve the Company's overall
profile and enhance shareholder value. Analysis conducted by Vox
management and its financial advisors suggests companies with
secondary listings on US main board exchanges have historically
resulted in improved trading liquidity for other small and medium-
cap royalty companies.
The listing of Vox's common shares on Nasdaq remains subject to
satisfaction of all applicable listing and regulatory requirements,
including, but not limited to, the declaration of effectiveness of
the Company's 40-F Registration Statement registering its common
shares with the United States Securities and Exchange Commission
(the "SEC"). The Company has already completed the process
to ensure its common shares are eligible for electronic clearing
and settlement through the Depository Trust Company (DTC).
Vox's common shares will continue to trade on the OTCQX under
the ticker symbol "VOXCF" until Nasdaq approval and subsequent
commencement of trading. Vox will also continue to maintain the
listing of its common shares on the TSX Venture Exchange under the
trading symbol "VOX".
Appointment of Auditors
The Company is pleased to announce the appointment of Ernst
& Young LLP ("E&Y") as its independent registered
public accounting firm effective March 9,
2022. E&Y will conduct the audit of the Company's
consolidated financial statements for the year ended December 31, 2021, which will support the
anticipated listing of Vox's common shares on the Nasdaq. Following
an evaluation process conducted by the Company and its Board of
Directors, it was determined that appointing E&Y would permit
the Company to pursue registration with the SEC and ultimately a
secondary listing on the Nasdaq on a preferred timeline.
The Company's decision to change its auditor was not the result
of any disagreement between the Company and PricewaterhouseCoopers
LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditor scope or procedure.
Option Grants
As part of its ordinary course annual management performance
reviews, the Company has granted an aggregate of 263,548 restricted
share units ("RSUs") to directors, officers and employees of
Vox. The RSUs vest in equal parts on each of September 9, 2022, March
9, 2023, September 9, 2023,
and March 9, 2024. Each RSU entitles
the holder to receive one common share of the Company. The Company
has reserved up to 263,548 common shares for issuance on the
exercise of the RSUs.
The Company has also granted an aggregate of 804,158 stock
options to officers and employees of Vox. The stock options have an
exercise price of C$4.16 per share, a
five-year term from the date of grant and vest in equal parts on
each of September 9, 2022,
March 9, 2023, September 9, 2023, and March 9, 2024. The Company has reserved up to
804,158 common shares for issuance on the exercise of the stock
options.
About Vox
Vox is a high growth precious metals royalty and streaming
company with a portfolio of over 50 royalties and streams spanning
eight jurisdictions. The Company was established in 2014 and has
since built unique intellectual property, a technically focused
transactional team and a global sourcing network which has allowed
Vox to become the fastest growing company in the royalty sector.
Since the beginning of 2019, Vox has announced over 20 separate
transactions to acquire over 45 royalties.
Further information on Vox can be found at
www.voxroyalty.com.
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward-looking
statements. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate"
"plans", "estimates" or "intends" or stating that certain actions,
events or results " may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements". Forward-looking
statements are subject to a variety of risks and uncertainties
which could cause actual events or results to materially differ
from those reflected in the forward-looking statements.
The forward-looking statements and information in this press
release include, but are not limited to, Vox's
anticipated financial results for its 2021 fiscal year, secondary
listing of Vox common shares on the Nasdaq, completion of certain
anticipated milestones, transactions and developments by the
operators of certain underlying projects and mines in respect of
Vox's royalty and stream portfolio, future financial reporting by
Vox, the receipt of payments from Vox's mining royalty and
streaming portfolio, and the completion of mine construction,
production and expansion under construction phases at the mines or
properties that Vox holds an interests in.
Forward-looking statements and information are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions that, while believed by management to
be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various
known and unknown risks and uncertainties, many of which are beyond
the ability of Vox to control or predict, that may cause Vox's
actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are
developed based on assumptions about such risks, uncertainties and
other factors set out herein, including but not limited to: the
requirement for regulatory approvals and third party consents, the
impact of general business and economic conditions, the absence of
control over the mining operations from which Vox will receive
royalties, including risks related to international operations,
government relations and environmental regulation, the inherent
risks involved in the exploration and development of mineral
properties; the uncertainties involved in interpreting exploration
data; the potential for delays in exploration or development
activities; the geology, grade and continuity of mineral deposits;
the impact of the COVID-19 pandemic; the possibility that future
exploration, development or mining results will not be consistent
with Vox's expectations; accidents, equipment breakdowns, title
matters, labor disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices;
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties. Should one or more of these risks,
uncertainties or other factors materialize, or should assumptions
underlying the forward-looking information or statement prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Vox cautions that the foregoing list of material factors
is not exhaustive. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events.
Vox has assumed that the material factors referred to in the
previous paragraph will not cause such forward looking statements
and information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors. The
forward-looking information contained in this press release
represents the expectations of Vox as of the date of this press
release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While Vox may elect to, it does not undertake to update
this information at any particular time except as required in
accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Notes:
(1)
|
These figures have not
been audited and are subject to change. As the Company has not yet
finished its quarter-end close procedures, the anticipated
financial information presented in this press release is
preliminary, subject to final quarter-end closing adjustments, and
may change materially.
|
SOURCE Vox Royalty Corp.