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Nomad Royalty Company Ltd. has completed its acquisition of Coral Gold Resources Ltd. under a court-approved plan of arrangement. Coral shareholders received C$0.05 in cash and 0.80 of a unit of Nomad for each share held. The unit includes one Nomad common share and a warrant to purchase an additional share at C$1.71 for two years. As a result, Coral Shares will be delisted from the TSX Venture Exchange after November 20, 2020. Nomad aims to enhance its portfolio of royalty and streaming assets through this acquisition.
Coral Gold Resources Ltd. (TSXV:CLH)(OTCQX:CLHRF) announced that the Supreme Court of British Columbia has approved its arrangement with Nomad Royalty Company Ltd. Under this agreement, Coral shareholders will receive 0.80 Nomad shares, 0.40 share purchase warrants, and $0.05 for each Coral share held. The effective date of the arrangement is expected around November 19, 2020. Following this, Coral's shares will be delisted from the TSX Venture Exchange as it becomes a wholly-owned subsidiary of Nomad.
Coral Gold Resources Ltd. (CLHRF) has obtained an interim order from the B.C. Supreme Court for its plan of arrangement with Nomad Royalty Company Ltd.. The arrangement involves Nomad acquiring all outstanding shares of Coral. A special meeting for Coral shareholders is scheduled for November 12, 2020, to approve this arrangement, with a record date of September 22, 2020. The arrangement is expected to close around November 19, 2020, pending regulatory approvals and customary closing conditions. Further details are available on SEDAR.
Coral Gold Resources Ltd. (TSXV: CLH)(OTCQX: CLHRF) updates on the Robertson Project in Nevada, reporting significant progress in Q2 2020 by Nevada Gold Mines (NGM). Key activities included 2,195 meters of resource drilling and evaluating processing scenarios. NGM is also in the process of developing infrastructure and conducting ongoing studies. Coral retains a 1% to 2.25% net smelter returns royalty on the project, which increases with gold prices. The company remains debt-free with a strong balance sheet, aiming to generate long-term wealth for shareholders.
Nomad Royalty Company intends to acquire Coral Gold Resources in a transaction valued at approximately $45.8 million. The deal includes a net smelter return royalty on Coral's Robertson property, which has an historical resource estimate exceeding 2.7 million ounces of gold. Each Coral share will convert into C$0.05 cash and a unit of Nomad valued at approximately C$1.21, reflecting a 45% premium to Coral's share price. The transaction is expected to close around November 6, 2020, pending shareholder approval.
