Shares in Gold Royalty Corp. (NYSE:GROY) were lower Tuesday, on news the company has completed its previously announced acquisition of a copper stream on the Vares Silver Project, operated by a subsidiary of Adriatic Metals plc and located in Bosnia and Herzegovina.
Said CEO David Garofalo, "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., 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
Gold Royalty claims to offer 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.
GROY shares lost a nickel, or 3.2%, to $1.51.
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