TORONTO--(BUSINESS WIRE)--Lithium Royalty Corp. (TSX: LIRC) (“LRC”) is announcing that it is withdrawing its intention to propose an all-cash offer to acquire all of the common shares of TNR Gold (TXSV: TNR) (“TNR”).
In its proposal to the board of directors of TNR (the “Board”) on September 25, 2023, LRC had proposed a non-binding offer to acquire all of the outstanding common shares of TNR for cash consideration of C$0.08 per TNR common share (the “Proposed Transaction”), which represented a 45% premium to TNR’s unaffected closing share price on September 28, 2023. Subsequently, LRC had sought to engage repeatedly with TNR and the Board to discuss a potential transaction that would be acceptable to the Board and to all shareholders. To date, LRC has not received a reply. Accordingly, while LRC believes that the Proposed Transaction was in the best interest of all TNR shareholders, given the failure of TNR management and the Board to reply to our re-engagement, LRC is withdrawing its interest in TNR.
About Lithium Royalty Corp.
LRC is a lithium-focused royalty company with a globally diversified portfolio of 33 revenue royalties on mineral properties around the world that supply and are expected to supply raw materials to support the electrification of transportation and decarbonization of the global economy. Our portfolio is focused on high-grade and low-cost mineral projects that are primarily located in Australia, Canada, South America and the United States. LRC is a signatory to the Principles for Responsible Investment; the integration of ESG factors and sustainable mining are considerations in our investment analysis and royalty acquisitions.