Gold Royalty Launches $70 Million Bought Deal Financing

MT Newswires Live12-08 22:29

Gold Royalty (GROY) said Monday it has entered into an agreement with a syndicate of underwriters for a bought deal offering of 17.5 million common shares at $4.00 per share for gross proceeds of about $70 million.

The company said it granted the underwriters a 30-day overallotment option to purchase up to an additional 15% of the common shares issued in the offering for additional gross proceeds of up to $10.5 million.

The shares will be listed on the NYSE American, pending receipt of the necessary approvals, the company said, adding that the offering is expected to close around Thursday.

Net proceeds would be used to partially or fully fund its acquisition of an existing royalty on the Pedra Branca copper and gold mine from BlackRock World Mining Trust, and for general corporate purposes.

Shares of Gold Royalty were down 4.9% in recent premarket activity Monday.

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