Movers and SHAKERS
Tuesday, May 26, 2020
Ely Gold Royalties (ELYGF)(ELY:CA)
Visible Growth Drivers
As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.
Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Ely substantially completes acquisition of VEK Associates. Ely Gold Royalties has substantially completed its acquisition of VEK Associates and has closed on the acquisition of 92.4% of the VEK shares outstanding. The remaining 7.6% of VEK shares are expected to be acquired pending the completion of share transfer documentation. VEK’s principal assets are comprised of five royalty properties, all of which are currently leased. Four of the leases are with Nevada Gold Mines, a joint venture 61.5% owned and operated by Barrick Gold Corporation and 31.5% owned by Newmont Corporation, and the other lease is with SSR Mining Inc.
Private placement raises C$17,250,00 to fund growth initiatives. On May 21, Ely Gold Royalties closed a brokered private placement offering of 21,562,500 units at a price of C$0.80 per unit for gross proceeds of C$17,250,000. Following the offering, we estimate Ely Gold has 157,286,496 shares outstanding and 197,120,376 on a fully diluted basis. The company intends to use the net proceeds for exploration, royalty acquisitions and...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.