Statement on Gold Royalty Intention to Make Unsolicited Bid Vancouver, British Columbia--(Newsfile Corp. - December 20, 2021) - Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental" or "the Company") is responding to the news release by Gold Royalty Corp. ("Gold Royalty") regarding Gold Royalty's intention to make an unsolicited offer to acquire all of the outstanding common shares of the Company.
The Company's Board of Directors (the "Board") cautions shareholders that no formal offer has been made by Gold Royalty, and as such there is no need for shareholders to take any action at this time. When and if a formal offer is made, it will be reviewed by the Board with its legal and financial advisors, and a formal recommendation by the Board will be made to shareholders in due course.
The Company confirms that it previously received unsolicited, non-binding and conditional proposals from Gold Royalty to acquire all of the issued and outstanding common shares of the Company (the "Conditional Proposals"). Upon receipt of the Conditional Proposals, consistent with its fiduciary duties, the Board engaged legal and financial advisors to assist the Company in assessing the Conditional Proposals.
In response, based on a comprehensive assessment of the Conditional Proposals, the Board informed Gold Royalty that the Board did not find the Conditional Proposals compelling, and therefore did not have an interest in pursuing any such proposals.