Above Security Exit Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) ("Grenville") has received from Above Security Inc. $6.7 million net of transaction costs, completing the previously announced buyout of the $3 million royalty agreement and repayment of two bridge notes totaling $960,000. Above Security is a Montreal-based provider of managed cyber-security services which was previously reported on August 27, 2015.
"Grenville provided the catalytic capital that enabled us to successfully transition to the next stage of our company," said Ray Chehata, Chief Executive Officer of Above Security. "Grenville's professional and financial support throughout the sale process was critical to this highly favourable outcome for all parties."
"We are very pleased with this transaction, and this investment is our highest return to date for Grenville shareholders," said Grenville Chief Executive Officer William (Bill) Tharp. "Grenville generates stable royalty revenues and cash flow for our shareholders with the upside of equity-like returns on royalty buyouts. This is an excellent example of how our business model works to the benefit of our shareholders and the businesses within our portfolio."
Following this transaction, Grenville has approximately $29.4 million of capital available for investments.