VANCOUVER, BC, Dec. 20, 2021 /CNW/ - Gold Royalty Corp. .. announces its intention to pursue an offer to acquire all of the outstanding common shares
of Elemental Royalties Corp. (TSXV: ELE) ("Elemental") for consideration consisting of 0.27 common shares of Gold Royalty  in exchange for each Elemental Share (the "Offer").

The Offer values Elemental at C$1.78 per share and represents a premium of 37% to Elemental shareholders based upon the closing prices of the Elemental Shares on the TSX Venture Exchange and the Gold Royalty Shares on the NYSE American on December 17, 2021, being the trading day immediately prior to this announcement. The Offer implies a total equity value for Elemental of approximately C$130 million on a fully diluted, in-the-money basis, and Elemental shareholders are expected to own approximately 12% of the combined entity upon completion of the transaction.