Vek

DGAP-News: Ely Gold Royalties (TSXV: ELY) (OTCQX: ELYGF) Closes Purchase of Important Nevada Royalty Portfolio

Retrieved on: 
Tuesday, May 19, 2020

Vancouver, British Columbia--(Newsfile Corp. - May 19, 2020) - Ely Gold Royalties Inc. (TSXV: ELY) (OTCQX: ELYGF) (FRA: A2JSL0) ("Ely Gold") is pleased to announce that, through its wholly owned subsidiary REN Royalties LLC (collectively with Ely Gold the "Company"), it has substantially completed the agreement (the "Agreement") with VEK Associates, a privately held Nevada corporation ("VEK") announced on February 28, 2020.

Key Points: 
  • Vancouver, British Columbia--(Newsfile Corp. - May 19, 2020) - Ely Gold Royalties Inc. (TSXV: ELY) (OTCQX: ELYGF) (FRA: A2JSL0) ("Ely Gold") is pleased to announce that, through its wholly owned subsidiary REN Royalties LLC (collectively with Ely Gold the "Company"), it has substantially completed the agreement (the "Agreement") with VEK Associates, a privately held Nevada corporation ("VEK") announced on February 28, 2020.
  • Pursuant to the Agreement, Ely Gold made a tender offer to purchase 100% of the outstanding shares of VEK Associates, and 92.4% of the shares have been tendered for transfer to Ely Gold's wholly-owned subsidiary REN Royalties LLC.
  • VEK sold one half of the Marigold royalty to Franco Nevada, reducing the VEK royalty 0.75%.
  • In addition to the 50% interest in VEK/Andrus, Ely Gold will be purchasing the entire database generated by Ralph Roberts and the VEK/Andrus team.