As
filed with the Securities and Exchange Commission on July 6, 2022
Registration
No. 333-265581
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
AMENDMENT
NO. 1
TO
FORM
F-3
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
GOLD
ROYALTY CORP.
(Exact
name of registrant as specified in its charter)
Not
Applicable
(Translation
of registrant’s name into English)
Canada
(State
or other jurisdiction of
incorporation
or organization) |
|
Not
Applicable
(I.R.S.
Employer
Identification
Number) |
1030
West Georgia Street, Suite 1830
Vancouver,
BC V6E 2Y3
(604)
396-3066
(Address
and telephone number of registrant’s principal executive offices)
Puglisi
& Associates
850
Library Ave., Suite 204
Newark,
DE 19711
(302)
738-6680
(Name,
address and telephone number of agent for service)
| Copies
to: |
| |
Rick
A. Werner, Esq.
Jason
K. Zachary, Esq.
Haynes
and Boone, LLP
30
Rockefeller Plaza
26th
Floor
New
York, New York 10112
Tel:
+1 212 659-7300 |
|
Rod
Talaifar, Esq.
Sangra
Moller LLP
1000
Cathedral Place
925
West Georgia Street
Vancouver,
BC, Canada V6C 3L2
Tel:
+1 604 662-8808 |
Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging
growth company ☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
†
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
The
Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell
these securities, and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED JULY 6, 2022
PROSPECTUS
$250,000,000
Common
Shares
Preferred
Shares
Warrants
Subscription
Receipts
Debt
Securities
Units
We
may offer, issue and sell from time to time, in one or more offerings, common shares, preferred shares, warrants, subscription receipts,
debt securities or units, which we collectively refer to as the “securities.” The aggregate initial offering price of the
securities that we may offer and sell under this prospectus will not exceed $250.0 million.
We
may offer and sell any combination of the securities described in this prospectus in different series, at times, in amounts, at prices
and on terms to be determined at or prior to the time of each offering. This prospectus describes the general terms of these securities
and the general manner in which these securities will be offered. Each time we sell securities pursuant to this prospectus, we will provide
a supplement to this prospectus that contains specific information about the offering and the specific terms of the securities offered.
The prospectus supplement will also describe the specific manner in which these securities will be offered and may also supplement, update
or amend information contained in this prospectus. You should read this prospectus and any applicable prospectus supplement before you
invest.
The
securities covered by this prospectus may be offered through one or more underwriters, dealers and agents, or directly to purchasers.
The names of any underwriters, dealers or agents, if any, will be included in a supplement to this prospectus. For general information
about the distribution of securities offered, please see “Plan of Distribution” beginning on page 25.
Our
common shares are listed on the NYSE American LLC (“NYSE American”) under the symbol “GROY”. Our warrants to
purchase our common shares issued pursuant to our initial public offering (the “IPO Warrants”) are listed on the NYSE American
under the symbol “GROY.WS”. On July 5, 2022, the closing price of our common shares and IPO warrants as reported on
the NYSE American was $2.20 and $0.3923, respectively.
We
are an “emerging growth company” and a “foreign private issuer” under applicable Securities and Exchange Commission
rules, and will be subject to reduced public company reporting requirements for this prospectus and future filings. See the section entitled
“Prospectus Summary—Implications of Being an Emerging Growth Company and a Foreign Private Issuer” for additional information.
You
should rely only on the information contained herein or incorporated by reference in this prospectus and any applicable prospectus supplement.
We have not authorized any other person to provide you with different information.
Investing
in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading
“Risk Factors” contained in the applicable prospectus supplement, and under similar headings in the other documents that
are incorporated by reference into this prospectus as described on page 8 of this prospectus.
Neither
the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2022
TABLE
OF CONTENTS
BASIS
OF PRESENTATION
Unless
otherwise indicated, references in this registration statement to “Gold Royalty”, “GRC”, “the Company”,
“we”, “us” and “our” refer to Gold Royalty Corp., a company incorporated under the laws of Canada,
together with its subsidiaries unless the context requires otherwise.
We
express all amounts in this registration statement in U.S. dollars, except where otherwise indicated. References to “$” and
“US$” are to U.S. dollars and references to “C$” are to Canadian dollars.
PRESENTATION
OF FINANCIAL INFORMATION
We
report under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board
(“IASB”). None of the financial statements incorporated by reference in this prospectus were prepared in accordance with
generally accepted accounting principles in the United States. We present our financial statements in U.S. dollars.
CAUTIONARY
NOTE REGARDING MINERAL RESERVES AND MINERAL RESOURCES
Gold
Royalty is subject to the reporting requirements of the applicable Canadian and United States securities laws. Gold Royalty’s previous
filings under the applicable Canadian and United States securities laws, including the Annual Report on Form 20-F for the year ended
September 30, 2021, contains disclosure of mineral reserve and mineral resource estimates relating to the projects underlying Gold Royalty’s
interests prepared in accordance with the requirements of Canadian securities laws, which differ in many respects from the requirements
of United States securities laws. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral
reserve” contained in such previous filings were based upon definitions applicable in Canada in accordance with Canadian Securities
Administrators’ National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43- 101”) and the Canadian
Institute of Mining, Metallurgy and Petroleum (“CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves
(the “CIM Definition Standards”), adopted by the CIM Council, as amended. In addition, certain of the operators of the properties
underlying Gold Royalty’s interests prepare mineral reserve and mineral resource estimates in accordance with the 2012 Edition
of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC”), which differs
from NI 43-101 and the requirements of the SEC, and certain previous filings by Gold Royalty contain disclosure of mineral reserve and
mineral resource estimates in accordance with JORC.
The
SEC adopted amendments to its disclosure rules (the “SEC Modernization Rules”) to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the SEC under the U.S. Exchange Act. Under the SEC Modernization Rules,
the historical property disclosure requirements for mining registrants included in SEC Industry Guide 7 was rescinded and replaced with
the disclosure requirements in subpart 1300 of SEC Regulation S-K. The SEC Modernization Rules became effective on February 25, 2019
with compliance required for the first fiscal year beginning on or after January 1, 2021. As a result of the adoption of the SEC Modernization
Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred
mineral resources”. In addition, the SEC amended its definitions of “proven mineral reserves” and “probable mineral
reserves” to be substantially similar to the corresponding CIM Definition Standards. Pursuant to certain exceptions provided by
the SEC Modernization Rules, however, Gold Royalty is not required, to the extent it has access to the necessary information, to provide
disclosure on its mineral properties under the SEC Modernization Rules in this registration statement because such information is incorporated
by reference herein rather than provided directly in this registration statement. Gold Royalty may be required to provide disclosure
on its mineral properties under the SEC Modernization Rules in future filings with the SEC.
U.S.
shareholders are cautioned that while terms are substantially similar to CIM Definition Standards, there are differences in the definitions
and standards under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves
or mineral resources that Gold Royalty may have previously reported as “proven reserves”, “probable reserves”,
“measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under
NI 43-101 will be the same as the reserve or resource estimates prepared under the standards adopted under the SEC Modernization Rules.
U.S.
shareholders are also cautioned that while the SEC now recognizes “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization
in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described
using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized
as reserves. Further, “inferred resources” have a greater amount of uncertainty as to their existence and as to whether they
can be mined legally or economically. Under Canadian securities laws, estimates of “inferred mineral resources” may not form
the basis of feasibility or prefeasibility studies, except in certain specific cases. Additionally, disclosure of “contained ounces”
in a resource is permitted disclosure under Canadian securities laws. Therefore, U.S. shareholders are also cautioned not to assume that
all or any part of the inferred resources exist.
U.S.
Shareholders are cautioned that information contained in this prospectus and the documents incorporated by reference herein may not be
comparable to similar information made public by U.S. companies reporting pursuant to the SEC’s disclosure requirements.
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed with the SEC utilizing a “shelf” registration process. Under
this shelf process, we may sell the securities described in this prospectus in one or more offerings up to a total price to the public
of $250.0 million. The offer and sale of securities under this prospectus may be made from time to time, in one or more offerings, in
any manner described under the section in this prospectus entitled “Plan of Distribution.”
This
prospectus provides you with a general description of the securities we may offer. Each time we sell securities we will provide a prospectus
supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or
change information contained in this prospectus, and may also contain information about any material federal income tax considerations
relating to the securities covered by the prospectus supplement. You should read both this prospectus and any prospectus supplement together
with additional information under the headings “Where You Can Find More Information” and “Incorporation of Certain
Documents by Reference.”
This
summary may not contain all of the information that may be important to you. You should read this entire prospectus, including the financial
statements and related notes and other financial data incorporated by reference in this prospectus, before making an investment decision.
This summary contains forward-looking statements that involve risks and uncertainties. Our actual results may differ significantly from
the results discussed in the forward-looking statements. Factors that might cause or contribute to such differences include those discussed
in “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.”
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus, including the information incorporated by reference into this prospectus, contains, and any prospectus supplement may include
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Exchange Act. Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies,
future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information.
Forward-looking statements can often be identified by the use of terminology such as “subject to”, “believe”,
“anticipate”, “plan”, “target”, “expect”, “intend”, “estimate”,
“project”, “outlook”, “may”, “will”, “should”, “would”, “could”,
“can”, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. In addition, any
statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking. In particular, forward-looking statements include, but are
not limited to, statements about:
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the
Company’s plans and objectives, including its acquisition and growth strategy; |
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the
Company’s future financial and operational performance; |
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royalty
and other payments to be made to the Company by the owners and operators of the projects underlying the Company’s royalties
and other interests; |
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expectations
regarding the royalty and other interests of the Company; |
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the
plans of the operators of properties where the Company owns royalty interests; |
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estimates
of Mineral Reserves and Mineral Resources on the projects in which the Company has royalty interests; |
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estimates
regarding future revenue, expenses and needs for additional financing; |
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adequacy
of capital and financing needs; and |
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expectations
regarding the impacts of COVID-19 on the operators of the properties underlying the Company’s interests. |
These
forward-looking statements are based on our opinions, estimates and assumptions in light of our experience and perception of historical
trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable
in the circumstances, including that:
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the
public disclosures of the operators regarding the properties underlying the Company’s interests are accurate; |
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current
gold, base metal and other commodity prices will be sustained, or will improve; |
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the
proposed development of the Company’s royalty projects will be viable operationally and economically and will proceed as expected; |
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any
additional financing required by the Company will be available on reasonable terms; and |
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operators
of the properties where the Company holds royalty interests will not experience any material accident, labor dispute or failure of
equipment. |
Despite
a careful process to prepare and review the forward-looking statements, there can be no assurance that the underlying opinions, estimates
and assumptions will prove to be correct.
Actual
results could differ materially from those anticipated in these Forward-Looking Statements as a result of the following risk factors,
among others:
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dependence
on third-party operators; |
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a
substantial majority of the Company’s current royalty interests are exploration, advanced-exploration and development stage
properties, which are non-producing and are subject to the risk that they may never achieve production; |
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volatility
in gold and other commodity prices; |
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the
Company has limited or no access to data or the operations underlying its interests; |
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a
significant portion of the Company’s revenues is derived from a small number of operating properties; |
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the
Company is subject to many of the risks faced by owners and operators of the properties underlying the Company’s interests; |
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the
Company may enter into acquisitions and other material transactions at any time; |
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the
Company’s future growth is to a large extent dependent on its acquisition strategy; |
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as
a royalty holder, the Company may become subject to potential disputes with operators regarding the existence, enforceability or
terms of its interests; |
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certain
of the Company’s royalty interests are subject to buy-back or other rights of third-parties; |
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risks
related to epidemics, pandemics or other public health crises, including COVID-19, and the potential impact thereof on the Company
and the operators of the properties underlying its interests; |
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risks
related to Mineral Reserve estimates and Mineral Resource estimates completed by third-party owners and operators on the projects
underlying the Company’s interests, including that such estimates may be subject to significant revision; |
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title,
permit or licensing disputes related to any of the properties in which the Company holds or may hold royalties, streams or similar
interests; |
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potential
conflicts of interests; |
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regulations
and political or economic developments in any of the jurisdictions where properties in which the Company holds or may hold royalties,
streams or similar interests are located; |
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the
availability of any necessary financing in the future on acceptable terms or at all; |
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litigation
risks; |
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the
Company holds investments in a concentrated number of equity securities and the fair values thereof are subject to loss in value;
and |
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the
other factors discussed under “Item 3. Key Information – D. Risk Factors” in the Company’s Annual Report
on Form 20-F for the year ended September 30, 2021 and other disclosure documents, which are available under the Company’s
profile at www.sedar.com and www.sec.gov. |
This
list of factors should not be construed as exhaustive. The Company does not intend to and does not assume any obligations to update Forward-Looking
Statements, except as required by applicable law.
The
forward-looking statements made in this prospectus or any prospectus supplement, or the information incorporated by reference herein
relate only to events or information as of the date on which the statements are made in such document. Except as required by U.S. federal
securities law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You
should read this prospectus and any prospectus supplement, and the information incorporated by reference herein, along with any exhibits
thereto, completely and with the understanding that our actual future results may be materially different from what we expect. Other
sections of this prospectus, prospectus supplement and the documents incorporated by reference herein include additional factors which
could adversely impact our business and financial performance.
PROSPECTUS
SUMMARY
This
summary highlights information contained elsewhere in this prospectus or incorporated by reference herein and does not contain all of
the information that you should consider in making your investment decision. Before deciding to invest in our securities, you should
read this entire prospectus and any applicable prospectus supplement carefully, including the sections of this prospectus entitled “Risk
Factors”, “Cautionary Note Regarding Forward-Looking Statements”, the section entitled “Risk Factors” in
our Annual Report on Form 20-F for the most recent year incorporated by reference herein (together with any material changes thereto
contained in subsequent filed reports on Form 6-K), our consolidated financial statements and the related notes incorporated by reference
in this prospectus and all other information included or incorporated by reference in this prospectus.
Our
Company
We
are a precious metals focused royalty company offering creative financing solutions to the metals and mining industry. Our diversified
portfolio includes 198 royalties across producing, developing, advanced-exploration and early-exploration staged properties.
Our
mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio
offering near, medium and longer-term returns for our investors. Currently, the Company directly and indirectly holds 198 royalty interests,
including royalty interests on 8 producing projects, 20 developing projects, 30 advanced-exploration projects and 140 early-exploration
projects as part of this royalty generator model.
In
carrying out our long-term growth strategy, we seek out and continually review opportunities to expand our portfolio through the acquisition
of existing or newly created royalty, stream or similar interests and through accretive acquisitions of companies that hold such assets.
In acquiring newly created interests, we act as a source of financing to mining companies for the development and exploration of projects.
Our
“royalty generator model” is focused on mineral properties held by us and our subsidiaries and additional properties we may
acquire from time to time, with the aim of subsequently optioning or selling them to third-party mining companies in transactions where
we would retain a royalty, carried interest or other similar interest. We believe the royalty generator model provides increased volume
of potential royalty opportunities, targeting opportunities with potential exploration upside.
We
do not generally conduct exploration, development or mining operations on the properties in which we hold interests and we are not required
to contribute capital costs for these properties. We may, from time to time, conduct non-material exploration related activities to advance
our royalty generator projects.
Recent Developments
On July 5, 2022, we announced
that we began to receive royalty payments related to its 0.5% net smelter return royalty on the Borden Mine, located in Ontario, Canada,
receiving approximately $1.4 million in royalty back payments. The royalty includes a 5 kilometer area of interest with a 0.5% net smelter
return royalty on certain claims within that area.
Implications
of Being an Emerging Growth Company and a Foreign Private Issuer
Emerging
Growth Company
We
are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging growth company
until the earliest to occur of: the last day of the fiscal year in which we have more than $1.07 billion in annual revenues; the date
we qualify as a “large accelerated filer,” with at least $700 million of equity securities held by non-affiliates; the issuance,
in any three-year period, by us of more than $1.0 billion in non-convertible debt securities; and the last day of the fiscal year ending
after the fifth anniversary of our first sale of common equity securities pursuant to a U.S. registration.
As
an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other
publicly traded entities that are not emerging growth companies. These exemptions include: (i) the option to present only two years of
audited financial statements and related discussion in the section titled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our filings with the SEC; (ii) not being required to comply with the auditor attestation
requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002; (iii) not being required to comply with any requirement that may be
adopted by the Public Company Accounting Oversight Board, or PCAOB, regarding mandatory audit firm rotation or a supplement to the auditor’s
report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis); (iv)
not being required to submit certain executive compensation matters to shareholder advisory votes, such as “say-on-pay,”
“say-on-frequency,” and “say-on-golden parachutes”; and (v) not being required to disclose certain executive
compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive
officer’s compensation to median employee compensation.
Foreign
Private Issuer
We
report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging
growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of
the Exchange Act that are applicable to U.S. domestic public companies, including: (i) the sections of the Exchange Act regulating the
solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of
the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders
who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of
quarterly reports on Form 10-Q containing unaudited financial and other specific information, and current reports on Form 8-K upon the
occurrence of specified significant events.
Corporate
Information
We
are a corporation organized under the laws of Canada. We were incorporated under the name Gold Royalty Corp. on June 23, 2020 under the
Canada Business Corporations Act (Canada)(“CBCA”). Our head office is located at 1030 West Georgia Street, Suite 1830, Vancouver,
British Columbia V6E 2Y3 and our telephone number is +1 (604) 396-3066. Our registered office is 1000-925 West Georgia Street, Vancouver,
British Columbia, Canada V6C 3L2. Our website address is www.goldroyalty.com. Information on the Company’s website is not incorporated
herein by reference. Our common shares and our IPO Warrants are listed on the NYSE American under the symbols ‘GROY” and
“GROY.WS”, respectively.
RISK
FACTORS
Investing
in our securities involves a high degree of risk. You should carefully review the risks and uncertainties described under the heading
“Risk Factors” contained in the applicable prospectus supplement and under similar headings in our Annual Report on
Form 20-F for the year ended September 30, 2021 as updated by our subsequent filings, some of which are incorporated by reference into
this prospectus, before deciding whether to purchase any of the securities being registered pursuant to the registration statement of
which this prospectus is a part. Each of the risk factors could adversely affect our business, results of operations, financial condition
and cash flows, as well as adversely affect the value of an investment in our securities, and the occurrence of any of these risks might
cause you to lose all or part of your investment.
The
following disclosure is intended to highlight, update or supplement previously disclosed risk factors facing the Company set forth in
the Company’s public filings. This risk factor should be carefully considered along with any other risk factors identified in the
Company’s other filings with the SEC. Additional risks not presently known to us or that we currently believe are immaterial may
also significantly impair our business operations. For more information, see “Where You Can Find More Information” and “Incorporation
of Certain Documents by Reference.”
Negative
Cash Flow from Operating Activities.
The
Company had negative cash flow from operating activities in the fiscal periods since its incorporation. To the extent that the Company
has negative cash flow in any future period, unallocated funds or proceeds from future financings may be used to fund such negative cash
flow from operating activities, if any. There is no assurance that future financings can be completed on terms acceptable to the Company
or at all.
CONSOLIDATED
CAPITALIZATION
Other
than set out below, there have been no material changes in our share and loan capital, on a consolidated basis, since March 31, 2022,
the date of our most recently filed interim financial statements.
| | |
March 31, 2022 | | |
July 6, 2022 | |
| Common Shares | |
| 134,252,758 | | |
| 134,519,388 | |
| Options | |
| 6,019,112 | | |
| 6,060,076 | |
| Warrants | |
| 10,350,000 | | |
| 10,350,000 | |
| RSUs | |
| 160,510 | | |
| 166,010 | |
| Ely Warrants(1) | |
| 14,776,722 | | |
| 13,518,252 | (2) |
| (1) | Ely
Warrants represent the right to acquire, on valid exercise thereof (including payment of
the applicable exercise price), 0.2450 of a common shares of the Company plus C$0.0001. |
| (2) | 636,218
Ely Warrants were exercised into 155,873 Common Shares, and 622,252 Ely Warrants expired
subsequent to March 31, 2022. |
USE
OF PROCEEDS
The
use of proceeds from the sale of Securities will be described in the applicable prospectus supplement relating to a specific offering
and sale of securities. Among other potential uses, the Company may use the net proceeds from the sale of securities offered by the Company
hereunder for implementing our growth and acquisition strategy, including the direct and indirect acquisition of additional royalties,
streams or similar interests and for general corporate purposes, including funding ongoing operations and/or working capital requirements
and to repay indebtedness outstanding from time to time.
We
had no positive operating cash flow for the year ended September 30, 2021 and the six months ended March 31, 2022. If we continue to
have no positive cash flow into the future, net proceeds of a sale of Securities may need to be allocated to fund our operations. We
anticipate we will have negative cash flow from operating activities in future periods until such time as the properties underlying our
existing royalties or other future interests generate revenues. Future cash flows from such interests are dependent upon the underlying
properties achieving production. There can be no assurance that such production will ever be achieved.
DESCRIPTION
OF SECURITIES
The
descriptions of the securities contained in this prospectus, together with the applicable prospectus supplements, summarize the material
terms and provisions of the various types of securities that we may offer. We will describe in the applicable prospectus supplement the
particular terms of any securities offered by such prospectus supplement. If we so indicate in the applicable prospectus supplement,
the terms of the securities may differ from the terms we have summarized below.
We
may sell from time to time, in one or more offerings, common shares, preferred shares, debt securities, subscription receipts, warrants
and units comprising any combination of these securities. The total dollar amount of all securities that we may issue under this prospectus
will not exceed $250.0 million.
DESCRIPTION
OF SHARE CAPITAL
The
following describes our issued share capital and summarizes the material provisions of our articles of incorporation (the “Articles”)
and bylaws (the “Bylaws”). Please note that this summary is not intended to be exhaustive and is subject to, and qualified
in its entirety by reference to, the terms and provisions of our Articles and Bylaws. For further information, please refer to the full
version of our Articles and Bylaws.
General
The
authorized capital of the Company consists of an unlimited number of common shares and an unlimited number of preferred shares.
Common
Shares
Our
common shares are not subject to any future call or assessment, do not have any pre-emptive, conversion, redemption rights or purchase
for cancellation rights, and all have equal voting rights. There are no special rights or restrictions of any nature attached to any
of the common shares, all of which rank equally as to all benefits which might accrue to the holders of the common shares. All shareholders
of the Company are entitled to receive a notice of, attend and vote at any meeting to be convened by the Company. At any meeting, subject
to the restrictions on joint registered owners of our common shares, every shareholder has one vote for each common share of which such
holder is the registered owner. Voting rights may be exercised in person or by proxy.
Shareholders
are entitled to share pro rata in any dividends if, as and when declared by the Company’s board of directors, in its discretion.
Upon our liquidation, dissolution or winding-up, whether voluntary or involuntary, the holders of common shares, without preference or
distinction, will be entitled to receive ratably all of our assets remaining after payment of all debts and other liabilities, subject
to any preferential rights of the holders of any outstanding preferred shares. Rights pertaining to the common shares may only be amended
in accordance with applicable corporate law.
As
of July 6, 2022, the Company has an aggregate of 134,519,388 common shares issued and outstanding.
Dividend
Policy
In
January 2022, we announced that our board of directors approved the initiation of a quarterly dividend program and declared an inaugural
quarterly cash dividend of US$0.01 per common share. The initial dividend was paid on March 31, 2022 to shareholders of record as of
the close of business on March 15, 2022. On May 24, 2022, we announced that our board of directors approved and declared a second quarterly
cash dividend of US$0.01 per common share, which was paid on June 30, 2022 to shareholders of record as of June 20, 2022.
Our
dividend program contemplates quarterly dividends, the declaration, timing, amount and payment of which will be subject to the discretion
and approval of our board of directors based on relevant factors, including, among others, our financial condition and capital allocation
plans. We cannot provide assurance that we will continue to pay any dividend to our shareholders.
Preferred
Shares
The
preferred shares may be issued at any time, or from time to time, in one or more series. Before any preferred shares of a particular
series are issued, our board of directors shall, by resolution, fix the number of preferred shares that will form such series and shall,
by resolution, fix the designation, rights, privileges, restrictions and conditions to be attached to the preferred shares of such series.
The preferred shares of each series shall rank on a parity with the preferred shares of every other series with respect to priority in
payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding-up of the Company or other
distribution of assets of the Company among its security holders, for the purpose of winding-up of its affairs.
The
preferred shares shall be entitled to preference over the common shares and any other shares of the Company ranking junior to the preferred
shares with respect to the payment of dividends and the distribution of assets in the event of the liquidation, dissolution or winding-up
of the Company, or any other distribution of the assets of the Company among its shareholders for the purpose of winding-up its affairs.
The preferred shares may also be given such other preferences over the common shares and any other shares of the Company ranking junior
to the preferred shares as may be fixed by our board of directors as to the respective series authorized to be issued.
As
of the date hereof, the Company has no preferred shares issued and outstanding.
Shareholder
Meetings
Under
the CBCA, we are required to hold a general meeting of our shareholders at least once every year at a time and place determined by our
board of directors, provided that the meeting must not be held later than 15 months after the preceding annual general meeting and no
later than six months after the end of our preceding financial year. Our Articles and Bylaws provide that any shareholder meeting may
be held at any location within Canada or the United States, as the board of directors may determine in their discretion. The board of
directors may decide to arrange for shareholders to be able to participate in the general meeting by means of telephonic, electronic
or other communication facility that permits all participants to communicate adequately with each other during the meeting. A notice
to convene a meeting, specifying the date, time and location of the meeting, must be sent to shareholders, to each director and the auditor
not less than 21 days prior to the meeting or such other minimum period as required by the applicable securities laws.
All
business transacted at a special meeting of shareholders and all business transacted at an annual meeting of shareholders, except consideration
of the financial statements, auditor’s report, election of directors and re-appointment of the incumbent auditor, is deemed to
be special business. Notice of a meeting of shareholders at which special business is to be transacted shall state (a) the nature of
that business in sufficient detail to permit the shareholder to form a reasoned judgment thereon; and (b) the text of any special resolution
to be submitted to the meeting.
Under
the CBCA, our board of directors has the power at any time to call a special meeting of our shareholders. In addition, the holders of
not less than 5% of our shares that carry the right to vote at a meeting sought to be held can also requisition our board of directors
to call a meeting of our shareholders for the purposes stated in the requisition. If our board of directors does not call the meeting
within 21 days after receiving the requisition, our shareholders can call the meeting and the expenses reasonably incurred by such shareholders
in requisitioning, calling and holding the meeting must be reimbursed by us.
Those
entitled to vote at a meeting are entitled to attend meetings of our shareholders. Every shareholder entitled to vote may appoint a proxyholder
to attend the meeting in the manner and to the extent authorized and with the authority conferred by the proxy. Directors, auditors,
legal counsels, secretary (if any), and any other persons invited by the chair of the meeting or with the consent of those at the meeting
are entitled to attend any meeting of our shareholders but will not be counted in quorum or be entitled to vote at the meeting unless
he or she or it is a shareholder or proxyholder entitled to vote at the meeting.
Shareholder
Nominations and Proposals
Under
the CBCA, a registered holder or beneficial owner of shares that are entitled to be voted at an annual meeting of shareholders may submit
to the corporation notice of any matter that the person proposes to raise at the meeting (a “proposal”), which is subject
to any requirements in the Bylaws for advance notice to the corporation. A proposal may include nominations for the election of directors
if the proposal is signed by one or more holders of shares representing in the aggregate not less than five per cent of the issued and
outstanding shares or five per cent of the issued and outstanding shares of a class of shares of the corporation entitled to vote at
the meeting to which the proposal is to be presented, but this subsection does not preclude nominations made at a meeting of shareholders.
Advance
Notice Provisions
Our
Bylaws contain certain provisions that are intended to: (1) facilitate orderly and efficient annual general meetings or, where the need
arises, special meetings; (2) ensure that all shareholders receive adequate notice of board nominations and sufficient information with
respect to all nominees; and (3) allow shareholders to vote on an informed basis. Only persons who are nominated by shareholders in accordance
with these advance notice provisions will be eligible for election as directors at any annual meeting of the Company’s shareholders,
or at any special meeting of the Company’s shareholders if one of the purposes for which the special meeting was called was the
election of directors.
Pursuant
to the advanced notice provisions under our Bylaws, shareholders are required to provide the Company with advance notice of their intention
to nominate any persons, other than those nominated by management, for election to the Company’s board of directors at a meeting
of shareholders. Such notice must include the information prescribed in our Bylaws.
To
be timely, a shareholder’s notice must be received (i) in the case of an annual meeting of shareholders, not less than the 30th
day prior to the date of the annual meeting; provided, however, that in the event that the annual meeting of shareholders is to be held
on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made,
notice by the shareholder may be received not later than the close of business on the 10th day following the date of such public announcement;
and (ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors,
not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special
meeting was made. Our Bylaws also prescribe the proper written form for a shareholder’s notice. The Company’s board of directors
may, in its sole discretion, waive any requirement under these provisions.
These
provisions could have the effect of delaying until the next shareholder meeting the nomination of certain persons for director that are
favored by the holders of a majority of the Company’s outstanding voting securities.
Shareholder
Actions by Written Consent
Under
the CBCA, shareholders may act by written resolution signed by all the shareholders entitled to vote on that resolution at a meeting
of shareholders.
Amendment
to Articles and Bylaws
Under
the CBCA, either a director or a shareholder entitled to vote at an annual or special meeting of shareholders may make a proposal to
amend the Articles. A proposed amendment to the Articles requires approval by special resolution of the shareholders. A special resolution
is a resolution passed by not less than two-thirds of the votes cast by the shareholders who voted in respect of the resolution or signed
by all shareholders entitled to vote on that resolution.
Under
the CBCA, a shareholder entitled to vote at an annual or special meeting of shareholders may make a proposal to make, amend or repeal
a by-law. Unless the articles, bylaws or a unanimous shareholder agreement otherwise provide, the directors may, by resolution, make,
amend or repeal any bylaws that regulate the business or affairs of the corporation. The directors shall then submit such by-law, or
amendment or repeal of such by-law, to the shareholders at the next meeting of shareholders, and the shareholders may, confirm, reject
or amend the bylaw, amendment or repeal by ordinary resolution.
Votes
on Mergers, Consolidations and Sale of Assets
Under
the CBCA, the approval of an amalgamation agreement and certain other transactions requires approval by special resolution. A special
resolution is a resolution passed by not less than two-thirds of the votes cast by the shareholders who voted in respect of the resolution
or signed by all shareholders entitled to vote on that resolution.
Forum
Selection
Our
Bylaws include a forum selection provision that provides that, unless the Company consents in writing to the selection of an alternative
forum, the Supreme Court of British Columbia, Canada and appellate Courts therefrom, will be the sole and exclusive forum for (i) any
derivative action or proceeding brought on the Company’s behalf; (ii) any action or proceeding asserting a breach of fiduciary
duty owed by any of its directors, officers or other employees to the Company; (iii) any action or proceeding asserting a claim arising
pursuant to any provision of the CBCA or the Articles or Bylaws; or (iv) any action or proceeding asserting a claim otherwise related
to the Company’s “affairs” (as defined in the CBCA). The Company’s forum selection bylaw also provides that its
securityholders are deemed to have consented to personal jurisdiction in the Province of British Columbia and to service of process on
their counsel in any foreign action initiated in violation of our Bylaws. To the fullest extent permitted by law, the Company’s
forum selection provision will apply to claims arising under U.S. federal securities laws. In addition, investors cannot waive compliance
with U.S. federal securities laws and the rules and regulations thereunder.
Stock
Exchange Listing
The
Company’s common shares are listed on NYSE American under the symbol “GROY”.
Transfer
Agent and Registrar
The
transfer agent and registrar for the Company’s common shares is TSX Trust Company and its United States co-transfer agent is Continental
Stock Transfer & Trust Company.
DESCRIPTION
OF DEBT SECURITIES
The
following description, together with the additional information we include in any applicable prospectus supplements, summarizes the material
terms and provisions of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply
generally to any future debt securities we may offer pursuant to this prospectus, we will describe the particular terms of any debt securities
that we may offer in more detail in the applicable prospectus supplement. If we so indicate in a prospectus supplement, the terms of
any debt securities offered under such prospectus supplement may differ from the terms we describe below, and to the extent the terms
set forth in a prospectus supplement differ from the terms described below, the terms set forth in the prospectus supplement shall control.
We
may sell from time to time, in one or more offerings under this prospectus, debt securities, which may be senior or subordinated. We
will issue any such senior debt securities under a senior indenture that we will enter into with a trustee to be named in the senior
indenture. We will issue any such subordinated debt securities under a subordinated indenture, which we will enter into with a trustee
to be named in the subordinated indenture. We have filed forms of these documents as exhibits to the registration statement, of which
this prospectus is a part. We use the term “indentures” to refer to either the senior indenture or the subordinated indenture,
as applicable. The indentures will be qualified under the Trust Indenture Act of 1939, as in effect on the date of the indenture. We
use the term “debenture trustee” to refer to either the trustee under the senior indenture or the trustee under the subordinated
indenture, as applicable.
The
following summaries of material provisions of the senior debt securities, the subordinated debt securities and the indentures are subject
to, and qualified in their entirety by reference to, all the provisions of the indenture applicable to a particular series of debt securities.
General
Each
indenture provides that debt securities may be issued from time to time in one or more series and may be denominated and payable in foreign
currencies or units based on or relating to foreign currencies. Neither indenture limits the amount of debt securities that may be issued
thereunder, and each indenture provides that the specific terms of any series of debt securities shall be set forth in, or determined
pursuant to, an authorizing resolution and/or a supplemental indenture, if any, relating to such series.
We
will describe in each prospectus supplement the following terms relating to a series of debt securities:
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title
or designation; |
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the
aggregate principal amount and any limit on the amount that may be issued; |
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the
currency or units based on or relating to currencies in which debt securities of such series are denominated and the currency or
units in which principal or interest or both will or may be payable; |
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whether
we will issue the series of debt securities in global form, the terms of any global securities and who the depositary will be; |
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the
maturity date and the date or dates on which principal will be payable; |
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the
interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue,
the date or dates interest will be payable and the record dates for interest payment dates or the method for determining such dates; |
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whether
or not the debt securities will be issued at a premium; |
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whether
or not the debt securities will be secured or unsecured, and the terms of any secured debt; |
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the
terms of the subordination of any series of subordinated debt; |
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place or places where payments will be payable; |
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our
right, if any, to defer payment of interest and the maximum length of any such deferral period; |
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the
date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional
redemption provisions (which redemption may be subject to one or more conditions precedent); |
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the
date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund provisions or otherwise,
to redeem, or at the holder’s option to purchase, the series of debt securities; |
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whether
the indenture will restrict our ability to pay dividends, or will require us to maintain any asset ratios or reserves; |
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the
name of the trustee under any indenture relating to the debt securities and the nature of any material relationship between the trustee
or any of its affiliates and the issuer or any of its affiliates; |
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whether
we will be restricted from incurring any additional indebtedness; |
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a
discussion of any material or special Canadian or U.S. federal income tax considerations applicable to a series of debt securities; |
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the
denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple
thereof; and |
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any
other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities. We may issue debt securities
that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their
maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and
other special considerations applicable to any of these debt securities in the applicable prospectus supplement. |
Conversion
or Exchange Rights
We
will set forth in the prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable
for our common shares or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option
of the holder or at our option. We may include provisions pursuant to which the number of common shares or our other securities that
the holders of the series of debt securities receive would be subject to adjustment.
Consolidation,
Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction
The
indentures do not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose
of all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under
the indentures or the debt securities, as appropriate.
Unless
we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders
of the debt securities protection in the event we have a change of control or in the event of a highly leveraged transaction (whether
or not such transaction results in a change of control), which could adversely affect holders of debt securities.
Events
of Default Under the Indenture
The
following are events of default under the indentures with respect to any series of debt securities that we may issue:
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we fail to pay interest when due and our failure continues for 90 days and the time for payment has not been extended or deferred; |
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if
we fail to pay the principal, or premium, if any, when due and the time for payment has not been extended or delayed; |
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if
we fail to observe or perform any other covenant set forth in the debt securities of such series or the applicable indentures, other
than a covenant specifically relating to and for the benefit of holders of another series of debt securities, and our failure continues
for 90 days after we receive written notice from the debenture trustee or holders of not less than 25% in aggregate principal amount
of the outstanding debt securities of the applicable series; and |
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if
specified events of bankruptcy, insolvency or reorganization occur as to us. |
No
event of default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization)
necessarily constitutes an event of default with respect to any other series of debt securities. The occurrence of an event of default
may constitute an event of default under any bank credit agreements we may have in existence from time to time. In addition, the occurrence
of certain events of default or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness
outstanding from time to time.
If
an event of default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee
or the holders of not less than a majority in principal amount of the outstanding debt securities of that series may, by a notice in
writing to us (and to the debenture trustee if given by the holders), declare to be due and payable immediately the principal (or, if
the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of
that series) of and premium and accrued and unpaid interest, if any, on all debt securities of that series. Before a judgment or decree
for payment of the money due has been obtained with respect to debt securities of any series, the holders of a majority in principal
amount of the outstanding debt securities of that series (or, at a meeting of holders of such series at which a quorum is present, the
holders of a majority in principal amount of the debt securities of such series represented at such meeting) may rescind and annul the
acceleration if all events of default, other than the non-payment of accelerated principal, premium, if any, and interest, if any, with
respect to debt securities of that series, have been cured or waived as provided in the applicable indenture (including payments or deposits
in respect of principal, premium or interest that had become due other than as a result of such acceleration). We refer you to the applicable
prospectus supplement(s) relating to any series of debt securities that are discount securities for the particular provisions relating
to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an event of default.
Subject
to the terms of the indentures, if an event of default under an indenture shall occur and be continuing, the debenture trustee will be
under no obligation to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of
the applicable series of debt securities, unless such holders have offered the debenture trustee reasonable indemnity. The holders of
a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the debenture trustee, or exercising any trust or power conferred on the debenture
trustee, with respect to the debt securities of that series, provided that:
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the
direction so given by the holder is not in conflict with any law or the applicable indenture; and |
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subject
to its duties under the Trust Indenture Act, the debenture trustee need not take any action that might involve it in personal liability
or might be unduly prejudicial to the holders not involved in the proceeding. |
A
holder of the debt securities of any series will only have the right to institute a proceeding under the indentures or to appoint a receiver
or trustee, or to seek other remedies if:
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These
limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium,
if any, or interest on, the debt securities. |
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holder previously has given written notice to the debenture trustee of a continuing event of default with respect to that series; |
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holders of at least a majority in aggregate principal amount of the outstanding debt securities of that series have made written
request, and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding as trustee; and |
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the
debenture trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount
of the outstanding debt securities of that series (or at a meeting of holders of such series at which a quorum is present, the holders
of a majority in principal amount of the debt securities of such series represented at such meeting) other conflicting directions
within 60 days after the notice, request and offer. |
We
will periodically file statements with the applicable debenture trustee regarding our compliance with specified covenants in the applicable
indenture.
Modification
of Indenture; Waiver
The
debenture trustee and we may change the applicable indenture without the consent of any holders with respect to specific matters, including:
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to
fix any ambiguity, defect or inconsistency in the indenture; and |
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to
change anything that does not materially adversely affect the interests of any holder of debt securities of any series issued pursuant
to such indenture in any material respect. |
In
addition, under the indentures, the rights of holders of a series of debt securities may be changed by us and the debenture trustee with
the written consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series
(or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities
of such series represented at such meeting) that is affected. However, the debenture trustee and we may make the following changes only
with the consent of each holder of any outstanding debt securities affected:
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extending
the fixed maturity of the series of debt securities; |
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reducing
the principal amount, reducing the rate of or extending the time of payment of interest, or any premium payable upon the redemption
of any debt securities; |
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reducing
the principal amount of discount securities payable upon acceleration of maturity; |
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making
the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security; or |
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reducing
the percentage of debt securities, the holders of which are required to consent to any amendment or waiver. |
Except
for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series
(or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities
of such series represented at such meeting) may on behalf of the holders of all debt securities of that series waive our compliance with
provisions of the indenture. The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf
of the holders of all the debt securities of such series waive any past default under the indenture with respect to that series and its
consequences, except a default in the payment of the principal of, premium or any interest on any debt security of that series or in
respect of a covenant or provision, which cannot be modified or amended without the consent of the holder of each outstanding debt security
of the series affected; provided, however, that the holders of a majority in principal amount of the outstanding debt securities
of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration.
Discharge
Each
indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except
for obligations to:
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the
transfer or exchange of debt securities of the series; |
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replace
stolen, lost or mutilated debt securities of the series; |
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maintain
paying agencies; |
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hold
monies for payment in trust; |
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compensate
and indemnify the trustee; and |
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appoint
any successor trustee. |
In
order to exercise our rights to be discharged with respect to a series, we must deposit with the trustee money or government obligations
sufficient to pay all the principal of, the premium, if any, and interest on, the debt securities of the series on the dates payments
are due.
Form,
Exchange, and Transfer
We
will issue the debt securities of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable
prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities
of a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository
Trust Company or another depositary named by us and identified in a prospectus supplement with respect to that series.
At
the option of the holder, subject to the terms of the indentures and the limitations applicable to global securities described in the
applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for other debt securities
of the same series, in any authorized denomination and of like tenor and aggregate principal amount.
Subject
to the terms of the indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement,
holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the
form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar
or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder
presents for transfer or exchange or in the applicable indenture, we will make no service charge for any registration of transfer or
exchange, but we may require payment of any taxes or other governmental charges.
We
will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar,
that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation
of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain
a transfer agent in each place of payment for the debt securities of each series.
If
we elect to redeem the debt securities of any series, we will not be required to:
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issue,
register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15
days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at
the close of business on the day of the mailing; or |
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register
the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of
any debt securities we are redeeming in part. |
Information
Concerning the Debenture Trustee
The
debenture trustee, other than during the occurrence and continuance of an event of default under the applicable indenture, undertakes
to perform only those duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture,
the debenture trustee under such indenture must use the same degree of care as a prudent person would exercise or use in the conduct
of his or her own affairs. Subject to this provision, the debenture trustee is under no obligation to exercise any of the powers given
it by the indentures at the request of any holder of debt securities unless it is offered reasonable security and indemnity against the
costs, expenses and liabilities that it might incur.
Payment
and Paying Agents
Unless
we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest
payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business
on the regular record date for the interest.
We
will pay the principal of and any premium and interest due on the debt securities of a particular series at the office of the paying
agents designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, will we make interest payments
by check which we will mail to the holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust
office of the debenture trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each
series. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the debt securities
of a particular series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.
All
money we pay to a paying agent or the debenture trustee for the payment of the principal of or any premium or interest on any debt securities
which remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to
us, and the holder of the security thereafter may look only to us for payment thereof.
Governing
Law
The
indentures and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except to
the extent that the Trust Indenture Act is applicable.
Subordination
of Subordinated Debt Securities
Our
obligations pursuant to any subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment
to certain of our other indebtedness to the extent described in a prospectus supplement. The subordinated indenture does not limit the
amount of senior indebtedness we may incur. It also does not limit us from issuing any other secured or unsecured debt.
Enforceability
of Judgments
Since
all or substantially all of our assets, as well as the assets of most of our directors and officers, are outside the United States, any
judgment obtained in the United States against us or certain of our directors or officers, including judgments with respect to the payment
of principal on the debt securities, may not be collectible within the United States.
We
have been advised that the laws of the Province of British Columbia and the federal laws of Canada applicable therein permit an action
to be brought against us in a court of competent jurisdiction in the Province of British Columbia on any final and conclusive judgment
in personam of any federal or state court located in the State of New York, or a New York Court, which is subsisting and unsatisfied
for a sum certain with respect to the enforcement of the indenture and the debt securities that is not impeachable as void or voidable
under the internal laws of the State of New York if: (1) the New York Court rendering such judgment had jurisdiction over the judgment
debtor, as recognized by the courts of the Province of British Columbia (and submission by us in the indenture to the jurisdiction of
the New York Court will be sufficient for that purpose); (2) proper service of process in respect of the proceedings in which such judgment
was obtained was made in accordance with New York law; (3) such judgment was not obtained by fraud or in a manner contrary to natural
justice and the enforcement thereof would not be inconsistent with public policy, as such terms are understood under the laws of the
Province of British Columbia, the federal laws of Canada or contrary to any order made by the Attorney General of Canada and under the
Foreign Extraterritorial Measures Act (Canada) or by the Competition Tribunal under the Competition Act (Canada); (4) the
enforcement of such judgment would not be contrary to the laws of general application limiting the enforcement of creditors’ rights,
including bankruptcy, reorganization, winding-up, moratorium and similar laws, and does not constitute, directly or indirectly, the enforcement
of foreign laws which a court in the Province of British Columbia would characterize as revenue, expropriatory or penal laws; (5) in
an action to enforce a default judgment, the judgment does not contain a manifest error on its face; (6) the action to enforce such judgment
is commenced within the appropriate limitation period; (7) interest payable on the debt securities is not characterized by a court in
the Province of British Columbia as interest payable at a criminal rate within the meaning of Section 347 of the Criminal Code
(Canada); and (8) the judgment does not conflict with another final and conclusive judgment in the same cause of action; except that
a court in the Province of British Columbia may stay an action to enforce a foreign judgment if an appeal of a judgment is pending or
time for appeal has not expired; and except that any court in the Province of British Columbia may give judgment only in Canadian dollars.
We
have been advised that there is doubt as to the enforceability in Canada by a court in original actions, or in actions to enforce judgments
of U.S. courts, of civil liabilities predicated solely upon the U.S. federal securities laws.
DESCRIPTION
OF SUBSCRIPTION RECEIPTS
We
may issue subscription receipts that are exchangeable for our equity securities and/or other securities. The particular terms and provisions
of subscription receipts offered by any prospectus supplement, and the extent to which the general terms and provisions described below
may apply to them, will be described in the applicable prospectus supplement. This description will include, without limitation, where
applicable:
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the
title and number of subscription receipts; |
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the
price at which the subscription receipts will be offered; |
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the
currency in which the subscription receipts will be offered and whether the price is payable in installments; |
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the
period during which and the price at which the subscription receipts will be offered; |
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the
terms, conditions and procedures for the exchange of the subscription receipts into or for our equity securities and/or other securities; |
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the
circumstances, if any, which will cause the subscription receipts to be deemed to be automatically converted or exchanged; |
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the
designation, number and terms of our equity securities and/or other securities that may be issued or delivered upon exchange of each
subscription receipt; |
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the
provisions applicable to any escrow of the gross or net proceeds from the sale of the subscription receipts plus any interest or
income earned thereon, and for the release of such proceeds from such escrow; |
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the
identity of the subscription receipt agent; |
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whether
the subscription receipts will be listed on any securities exchange; |
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any
minimum or maximum subscription amount; |
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whether
the subscription receipts will be issued in fully registered or global form; |
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the
terms applicable to the gross or net proceeds from the sale of the subscription receipts plus any interest earned thereon; |
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certain
material Canadian and United States tax consequences of owning or converting or exchanging the subscription receipts; and |
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any
other material terms and conditions of the subscription receipts. |
Subscription
receipts may be offered separately or together with other securities, as the case may be. The subscription receipts may be issued under
one or more subscription receipt agreements, each to be entered into between us and an escrow agent (the “Escrow Agent”),
which will establish the terms and conditions of the subscription receipts. Each Escrow Agent will be a financial institution organized
under the laws of Canada or a province or territory thereof and authorized to carry on business as a trustee. The applicable prospectus
supplement will include details of the subscription receipt agreement, if any, governing the subscription receipts being offered. We
will file a copy of any subscription receipt agreement relating to an offering of subscription receipts with the relevant securities
regulatory authorities in Canada after it has been entered into by us. In the United States, we will file as exhibits to the Registration
Statement, or will incorporate by reference from Report of Foreign Private Issuer on Form 6-K that we file with the SEC, any subscription
receipt describing the terms and conditions of subscription receipts we are offering before the issuance of such subscription receipts.
Our
equity securities and/or other securities issued or delivered upon the exchange of subscription receipts will be issued for no additional
consideration.
Prior
to the exchange of their subscription receipts, holders of subscription receipts will not have any of the rights of holders of the securities
subject to the subscription receipts.
DESCRIPTION
OF WARRANTS
We
may issue warrants for the purchase of debt securities, preferred shares or common shares. Warrants may be issued independently or together
with debt securities, preferred shares or common shares and may be attached to or separate from any offered securities. Any issue of
warrants may be substantially similar to our existing IPO Warrants. Any issue of warrants will be governed by the terms of the applicable
form of warrant and any related warrant agreement which we will file with the SEC and they will be incorporated by reference to the registration
statement of which this prospectus is a part on or before the time we issue any warrants.
The
particular terms of any issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include:
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title of such warrants; |
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aggregate number of such warrants; |
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price or prices at which such warrants will be issued; |
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the
currency or currencies (including composite currencies) in which the price of such warrants may be payable; |
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the
terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise of
such warrants; |
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the
price at which the securities purchasable upon exercise of such warrants may be purchased; |
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the
date on which the right to exercise such warrants will commence and the date on which such right shall expire; |
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any
provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of
the warrants; |
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if
applicable, the minimum or maximum amount of such warrants that may be exercised at any one time; |
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if
applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued
with each such security; |
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if
applicable, the date on and after which such warrants and the related securities will be separately transferable; |
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information
with respect to book-entry procedures, if any; and |
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any
other terms of such warrants, including terms, procedures and limitations relating to the exchange or exercise of such warrants.
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The
prospectus supplement relating to any warrants to purchase equity securities may also include, if applicable, a discussion of certain
U.S. and Canadian federal income tax and Employee Retirement Income Security Act of 1974 considerations.
Each
warrant will entitle its holder to purchase the principal amount of debt securities or the number of preferred or common shares at the
exercise price set forth in, or calculable as set forth in, the applicable prospectus supplement.
After
the close of business on the expiration date, unexercised warrants will become void. We will specify the place or places where, and the
manner in which, warrants may be exercised in the applicable prospectus supplement.
Prior
to the exercise of any warrants to purchase debt securities, preferred shares or common shares, holders of the warrants will not have
any of the rights of holders of the debt securities, preferred shares or common shares purchasable upon exercise, except as otherwise
provided in the terms of such warrants.
Our
existing IPO Warrants are listed on the NYSE American under the symbol “GROY.WS”.
DESCRIPTION
OF UNITS
The
following description sets forth certain general terms and provisions of units to which any prospectus supplement may relate.
We
may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will be issued
so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights
and obligations of a holder of each included security. The unit agreement under which a unit is issued, if any, may provide that the
securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.
The
applicable prospectus supplement may describe:
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designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those
securities may be held or transferred separately; |
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any
provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; |
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whether
the securities comprising the units will be listed on any securities exchange; and |
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whether
the units will be issued in fully registered or global form. |
The
applicable prospectus supplement will describe the terms of any units. The preceding description and any description of units in the
applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the
unit agreement and, if applicable, collateral arrangements and depositary arrangements relating to such units.
TAXATION
Our
most recent Annual Report on Form 20-F provides a discussion of certain tax considerations that may be relevant to prospective
investors in our securities. The applicable prospectus supplement may also contain information about certain material tax considerations
relating to the securities covered by such prospectus supplement. Prospective investors should read the tax discussion in any prospectus
supplement with respect to a particular offering and consult their own tax advisors with respect to their own particular circumstances.
PLAN
OF DISTRIBUTION
We
may sell the securities offered by this prospectus to one or more underwriters or dealers for public offering, through agents, directly
to one or more purchasers or through a combination of any such methods of sale. The name of any such underwriters, dealers or agents
involved in the offer and sale of the securities, the amounts underwritten and the nature of its obligation to take the securities will
be specified in the applicable prospectus supplement. We have reserved the right to sell the securities directly to investors on our
own behalf in those jurisdictions where we are authorized to do so. The sale of the securities may be effected in one or more transactions
(a) on any national or international securities exchange or quotation service on which the securities may be listed or quoted at the
time of sale, (b) in the over-the-counter market, (c) in transactions otherwise than on such exchanges or in the over-the-counter market
or (d) through the writing of options. Each time that we sell securities covered by this prospectus, we will provide a prospectus supplement
or supplements that will describe the method of distribution and set forth the terms and conditions of the offering of such securities,
including the offering price of the securities and the proceeds to us, if applicable.
We
and our agents and underwriters may offer and sell the securities at a fixed price or prices that may be changed, at market prices prevailing
at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The securities may be offered on an
exchange, which will be disclosed in the applicable prospectus supplement. We may, from time to time, authorize dealers, acting as our
agents, to offer and sell the securities upon such terms and conditions as set forth in the applicable prospectus supplement. We may
also sell the securities offered by any applicable prospectus supplement in “at-the-market offerings” within the meaning
of Rule 415 of the Securities Act and in NI44-102 made through the facilities of the NYSE American or through a market maker or into
an existing trading market, on an exchange or otherwise.
If
we use underwriters to sell securities, we will enter into an underwriting agreement with them at the time of the sale to them. In connection
with the sale of the securities, underwriters or agents may receive compensation from us in the form of underwriting discounts or commissions
and may also receive commissions from purchasers of the securities for whom they may act as agent. The names of any underwriters, any
underwriting compensation paid by us to underwriters or agents in connection with the offering of the securities, and any discounts,
concessions or commissions allowed by underwriters to participating dealers, will be set forth in the applicable prospectus supplement
to the extent required by applicable law. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation
in the form of discounts, concessions or commissions from the underwriters or commissions (which may be changed from time to time) from
the purchasers for whom they may act as agents. If a dealer is utilized in the sale of the securities being offered by this prospectus,
the securities will be sold to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to
be determined by the dealer at the time of resale.
Dealers
and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received
by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions under
the Securities Act. Unless otherwise indicated in the applicable prospectus supplement, an agent will be acting on a best efforts basis.
If
so indicated in the prospectus supplement, we will authorize underwriters, dealers or agents to solicit offers by certain specified institutions
to purchase offered securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery
contracts providing for payment and delivery on a specified date in the future. Such contracts will be subject to any conditions set
forth in the applicable prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation of
such contracts. The underwriters and other persons soliciting such contracts will have no responsibility for the validity or performance
of any such contracts. Offers to purchase the securities being offered by this prospectus may also be solicited directly.
Underwriters,
dealers and agents may be entitled, under agreements entered into with us, to indemnification against and contribution towards certain
civil liabilities, including any liabilities under the Securities Act.
To
facilitate the offering of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain,
or otherwise affect the price of the securities. These may include over-allotment, stabilization, syndicate short covering transactions
and penalty bids. Over-allotment involves sales in excess of the offering size, which creates a short position. Stabilizing transactions
involve bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Syndicate short covering
transactions involve purchases of securities in the open market after the distribution has been completed in order to cover syndicate
short positions. Penalty bids permit the underwriters to reclaim selling concessions from dealers when the securities originally sold
by the dealers are purchased in covering transactions to cover syndicate short positions. These transactions may cause the price of the
securities sold in an offering to be higher than it would otherwise be. These transactions, if commenced, may be discontinued by the
underwriters at any time.
Any
securities other than our common shares and warrants issued hereunder may be new issues of securities with no established trading market.
Any underwriters or agents to or through whom such securities are sold for public offering and sale may make a market in such securities,
but such underwriters or agents will not be obligated to do so and may discontinue any market making at any time without notice. No assurance
can be given as to the liquidity of the trading market for any such securities. The amount of expenses expected to be incurred by us
in connection with any issuance of securities will be set forth in the applicable prospectus supplement. Certain of the underwriters,
dealers or agents and their associates may engage in transactions with, and perform services for, us and certain of our affiliates in
the ordinary course of business.
During
such time as we may be engaged in a distribution of the securities covered by this prospectus we are required to comply with Regulation
M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes us, any affiliated purchasers, and any broker-dealer
or other person who participates in such distribution from bidding for or purchasing, or attempting to induce any person to bid for or
purchase, any security which is the subject of the distribution until the entire distribution is complete. Regulation M also restricts
bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the
foregoing may affect the marketability of our shares of common shares.
The
specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement.
The
underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for
which they receive compensation.
LEGAL
MATTERS
Certain
legal matters with respect to the validity of the offered securities under Canadian law will be passed upon for us by Sangra Moller LLP,
Vancouver, British Columbia. Certain legal matters with respect to U.S. federal securities law and New York law will be passed upon for
us by Haynes and Boone, LLP.
EXPERTS
Our
consolidated financial statements as of September 30, 2021 and September 30, 2020 and for the year ended September 30, 2021 and for the
period from incorporation on June 23, 2020 to September 30, 2020, incorporated in this prospectus by reference to our annual report on
Form 20-F for the year ended September 30, 2021, have been audited by PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in their report, incorporated herein by reference. Such consolidated financial statements are incorporated
herein by reference in reliance upon such report, given on the authority of such firm as experts in accounting and auditing. PricewaterhouseCoopers
LLP, located at 250 Howe St Suite 1400, Vancouver, BC V6C 3S7, Canada, is Gold Royalty’s independent registered public accounting
firm and has been appointed as its independent auditor. PricewaterhouseCoopers LLP has confirmed that it is independent with respect
to Gold Royalty within the meaning of the Chartered Professional Accountants of British Columbia Code of Professional Conduct and in
accordance with the applicable rules and regulations of the SEC and the Public Company Accounting Oversight Board (United States).
The
audited consolidated financial statements for the years ended December 31, 2020 and 2019 for our wholly owned subsidiary, Ely Gold Royalties
Inc., have been audited by Smythe LLP, Chartered Professional Accountants, an independent registered public accounting firm, as stated
in their report, which is incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the
report of such firm given upon their authority as experts in accounting and auditing. Smythe LLP has confirmed that it is independent
with respect to Ely Gold and Gold Royalty in accordance with the Code of Professional Conduct of the Chartered Professional Accountants
of British Columbia. Smythe LLP, Chartered Professional Accountants, are members of the Chartered Professional Accountants of British
Columbia and are registered with both the Canadian Public Accountability Board and the U.S. Public Company Accounting Oversight Board.
Smythe LLP is located at 475 Howe St Suite 1700, Vancouver, BC V6C 2B3, Canada.
Each
of the audited consolidated financial statements for the years ended December 31, 2020 and 2019 for the Company’s wholly owned
subsidiaries, Abitibi Royalties Inc. and Golden Valley Mines and Royalties Ltd., have been audited by MNP LLP, an independent registered
public accounting firm, as indicated in their reports dated January 5, 2022 and January 5, 2022, respectively, which are incorporated
herein by reference. Such financial statements have been so incorporated in reliance upon the report of such firm given upon their authority
as experts in accounting and auditing. MNP LLP has confirmed that it is independent with respect to Abitibi Royalties, Golden Valley
and Gold Royalty within the meaning of the Chartered Professional Accountants Ontario Code of Professional Conduct. MNP LLP is located
at 800 -1600 Carling Avenue, Ottawa, Ontario, Canada, K1Z 1 G3.
The
scientific and technical information incorporated by reference to the Annual Report on Form 20-F for the year ended September 30, 2021
has been reviewed and approved by Alastair Still, P. Geo, who is our Director of Technical Service, as indicated therein in reliance
upon the authority of such person’s expertise.
WHERE
YOU CAN FIND MORE INFORMATION
This
prospectus is part of a registration statement on Form F-3 that we have filed with the SEC. To see more detail, you should read the registration
statement and the exhibits and schedules filed with, or incorporated by reference into, our registration statement.
The
SEC maintains a website that contains reports and other information regarding issuers, such as us, that file electronically with the
SEC. The address is www.sec.gov.
We
are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and under those requirements
file reports with the SEC. Accordingly, we are required to file or furnish reports and other information with the SEC, including annual
reports on Form 20-F and reports on Form 6-K. As a foreign private issuer, we are exempt from the rules under the Exchange Act related
to the furnishing and content of proxy statements, and from short-swing profit recovery provisions contained in Section 16 of the Exchange
Act, among other things. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with
the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act.
We
maintain a corporate website at www.goldroyalty.com. Information contained on, or that can be accessed through, our website does not
constitute a part of this prospectus.
INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE
We
file annual and special reports and other information with the SEC. These filings contain important information which does not appear
in this prospectus. The SEC allows us to “incorporate by reference” information into this prospectus, which means that we
can disclose important information to you by referring you to other documents which we have filed or will file with the SEC. We are incorporating
by reference in this prospectus the documents listed below and all amendments or supplements we may file to such documents, as well as
any future filings we may make with the SEC on Form 20-F under the Exchange Act before the time that all of the securities offered by
this prospectus have been sold or de-registered:
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the
description of our common shares contained under the “Item 1. Description of Registrant’s Securities to be Registered”
in our registration statement on Form
8-A, as filed with the SEC on February 22, 2021, as amended and supplemented by the description of our common sharers contained
in Exhibit 2.1
to our Annual Report on Form 20-F for the year ended September 30, 2021, filed with the SEC on December 23, 2021, including any subsequent
amendment or any report filed for the purpose of updating such description; |
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our
Annual Report on Form
20-F for the fiscal year ended September 30, 2021, filed with the SEC on December 23, 2021; and |
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our reports on Form 6-K filed with the SEC on November
8, 2021, November 16, 2021, December
23, 2021, January
18, 2022, January
31, 2022, February 14, 2022, February
16, 2022, March
4, 2022, May
16, 2022, and June
13, 2022. |
We
may also incorporate any other Form 6-K that we submit to the SEC on or after the date of this prospectus and prior to the termination
of this offering if the Form 6-K filing specifically states that it is incorporated by reference into the registration statement of which
this prospectus forms a part.
Any
statement in this prospectus contained in a document incorporated or deemed to be incorporated by reference into this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement in this prospectus or in any later
filed document modifies or supersedes that statement. Any statement that is modified or superseded in this manner will no longer be a
part of this prospectus, except as modified or superseded.
We
will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this
prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct
your written or telephone requests to Gold Royalty Corp., 1030 West Georgia Street, Suite 1830, Vancouver, British Columbia V6E 2Y3 and
our telephone number is (604) 396-3066. Our website address is www.goldroyalty.com. Information contained in our website is not part
of this prospectus.
ENFORCEMENT
OF CIVIL LIABILITIES
We
are incorporated under the laws of Canada. Substantially all of our assets are located outside the United States. In addition, several
of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion
of such persons’ assets may be located outside the United States. As a result, it may be difficult for investors to effect service
of process within the United States upon us or such persons or to enforce against them or against us, judgments obtained in United States
courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.
In addition, investors should not assume that the courts of Canada (i) would enforce judgments of U.S. courts obtained in actions against
us, our officers or directors, or other said persons, predicated upon the civil liability provisions of the U.S. federal securities laws
or other laws of the United States; or (ii) would enforce, in original actions, liabilities against us or such directors, officers or
experts predicated upon the United States federal securities laws or any securities or other laws of any state or jurisdiction of the
United States.
In
addition, there is doubt as to the applicability of the civil liability provisions of U.S. federal securities law to original actions
instituted in Canada. It may be difficult for an investor, or any other person or entity, to assert U.S. securities laws claims in original
actions instituted in Canada.
EXPENSES
The
following is an estimate, subject to future contingencies, of the expenses we may incur in connection with the issuance and distribution
of the securities being registered. All amounts listed in the table below are estimates except the SEC registration fee.
| Expense | |
Estimated Amount | |
| SEC registration fee | |
$ | 23,175 | |
| FINRA filing fees | |
$ | — | |
| Printing expenses | |
| * | |
| Legal fees and expenses | |
| * | |
| Accounting fees and expenses | |
| * | |
| Miscellaneous costs | |
| * | |
| Total | |
| * | |
| *
|
To
be provided in a prospectus supplement describing an offering of securities or a report on Form 6-K that is incorporated by reference
herein. |
$250,000,000
Common
Shares
Preferred
Shares
Warrants
Subscription
Receipts
Debt
Securities
Units
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
ITEM
8. Indemnification of Directors and Officers.
Under
the CBCA, Gold Royalty is permitted to indemnify its directors and officers and former directors and officers against costs and expenses,
including amounts paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which
they are made parties because of their position as directors or officers, including an action against Gold Royalty. In order to be entitled
to indemnification under the CBCA, the director or officer must act honestly and in good faith with a view to the best interests of Gold
Royalty, and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the director or
officer must have reasonable grounds for believing that his or her conduct was lawful.
Under
its Bylaws, Gold Royalty shall, whenever required or permitted by the CBCA or otherwise by law, indemnify each director, each officer,
each former director, each former officer and each person who acts or acted at Gold Royalty’s request as a director or officer
or an individual acting in a similar capacity, of another entity, and his or her heirs and personal representatives, against all costs,
charges and expenses, including, without limitation, each amount paid to settle an action or satisfy a judgment, reasonably incurred
by him or her in respect of any civil, criminal, administrative, investigative or other proceeding to which he or she is made a party
by reason of being or having been a director or officer of Gold Royalty or such other entity.
Gold
Royalty has also entered into indemnification agreements with each of its current directors and officers. The indemnification agreements
generally require that it indemnify and hold the indemnitees harmless to the greatest extent permitted by law for liabilities arising
out of the indemnitees’ service to Gold Royalty as directors and officers, if the indemnitees acted honestly and in good faith
with a view to the best interests of Gold Royalty and, with respect to criminal and administrative actions or other non-civil proceedings
that are enforced by monetary penalty, if the indemnitee had reasonable grounds to believe that his or her conduct was lawful. The indemnification
agreements also provide for the advancing of defense expenses to the indemnitees by Gold Royalty.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling Gold
Royalty pursuant to the foregoing provisions, Gold Royalty has been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable
ITEM
9. Exhibits.
| * |
To
be filed by post-effective amendment or as an exhibit to a report pursuant to Section 13(a) or 15(d) of the Exchange Act and incorporated
herein by reference. |
| |
|
| ** |
To
be filed pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939, as amended. |
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|
| *** |
Previously filed. |
Item
10. Undertakings
(1)
The undersigned registrant hereby undertakes:
(a)
to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
| |
(i) |
to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, or the Securities Act; |
| |
|
|
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(ii) |
to
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;
and |
| |
|
|
| |
(iii) |
to
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in this Registration Statement; |
provided,
however, that paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934, or the Exchange Act that are incorporated by reference in this Registration
Statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the Registration Statement.
(b)
that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(c)
to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(d)
to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F
at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by
Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information
in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration
statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section
10(a)(3) of the Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed
with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the Form F-3.
(e)
that, for the purpose of determining any liability under the Securities Act to any purchaser:
| |
(i) |
each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be a part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and |
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|
|
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(ii) |
each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule
430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in
the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at
that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date. |
(f)
that, for the purpose of determining liability of a registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:
| |
(i) |
any
preliminary prospectus or prospectus of the undersigned registrant to the offering required to be filed pursuant to Rule 424; |
| |
|
|
| |
(ii) |
any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
an undersigned registrant; |
| |
|
|
| |
(iii) |
the
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and |
| |
|
|
| |
(iv) |
any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
| |
(2) |
The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of
the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
| |
|
|
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(3) |
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue. |
| |
|
|
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(4) |
The undersigned registrant hereby undertakes to file
an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust
Indenture Act in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2) of the Trust Indenture Act. |
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Vancouver, British Columbia, Canada on July 6, 2022.
| |
Gold
Royalty CORP. |
| |
|
|
| |
By: |
/s/
David Garofalo |
| |
Name: |
David
Garofalo |
| |
Title: |
Chief
Executive Officer |
Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated.
| Signatures |
|
Title |
|
Date |
| |
|
|
|
|
| /s/
David Garofalo |
|
Chief
Executive Officer, President (Principal |
|
July
6, 2022 |
| David
Garofalo |
|
Executive
Officer) and Chairman |
|
|
| |
|
|
|
|
| /s/
Josephine Man |
|
Chief
Financial Officer (Principal Financial |
|
July
6, 2022 |
| Josephine
Man |
|
Officer
and Principal Accounting Officer) |
|
|
| |
|
|
|
|
| * |
|
Chief
Development Officer |
|
July
6, 2022 |
| John
W. Griffith |
|
|
|
|
| |
|
|
|
|
| * |
|
Director |
|
July
6, 2022 |
| Amir
Adnani |
|
|
|
|
| |
|
|
|
|
| * |
|
Director |
|
July
6, 2022 |
| Warren
Gilman |
|
|
|
|
| |
|
|
|
|
| * |
|
Director |
|
July
6, 2022 |
| Ken
Robertson |
|
|
|
|
| |
|
|
|
|
| * |
|
Director |
|
July
6, 2022 |
| Alan
Hair |
|
|
|
|
| |
|
|
|
|
| * |
|
Director |
|
July
6, 2022 |
| Glenn
Mullan |
|
|
|
|
| |
|
|
|
|
| * |
|
Director |
|
July
6, 2022 |
| Karri
Howlett |
|
|
|
|
| *
By: |
/s/
Josephine Man |
|
| |
Josephine
Man |
|
| |
Attorney-in-Fact |
|
AUTHORIZED
REPRESENTATIVE
Pursuant
to the requirements of the Securities Act of 1933, as amended, the undersigned certifies that it is the duly authorized United States
representative of the registrant and has duly caused this Amendment No. 1 to the Registration Statement on Form F-3 to be signed
by the undersigned, thereunto duly authorized, on July 6, 2022.
| |
Puglisi
& Associates
(Authorized Representative in the United States) |
| |
|
|
| |
By:
|
/s/
Donald J. Puglisi |
| |
Name: |
Donald
J. Puglisi |
| |
Title: |
Managing
Director |
Gold Royalty (AMEX:GROY)
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