Nomad Royalty (TSX:NSR) Company Ltd announced it has received approval for its acquisition by Sandstorm Gold Ltd (TSX:SAND) from the Superior Court of Quebec.
The court issued a final order approving the previously announced acquisition by way of a plan of arrangement in accordance with the Canada Business Corporations Act.
Under the terms of the arrangement, Sandstorm will acquire all of the outstanding shares of Nomad for a consideration of 1.21 Sandstorm shares per Nomad share.
READ: Nomad Royalty Company says a special meeting of its shareholders overwhelmingly approved its acquisition by Sandstorm Gold
Nomad said it has now received all regulatory and competition approvals required to complete the arrangement.
The deal is expected to close on or about August 15.
Following completion of the arrangement, Nomad expects to delist its common shares from the Toronto Stock Exchange, the New York Stock Exchange and the Frankfurt Stock Exchange and to delist its listed warrants from the TSX.
Nomad has also applied to the Canadian securities regulators for it to cease to be a reporting issuer in the applicable jurisdictions following completion of the arrangement.
Montreal-based Nomad owns a portfolio of 21 royalty, stream and other assets, of which 8 are on currently producing mines.
Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. After the closing of the Nomad acquisition, Sandstorm will hold a portfolio of 250 royalties, of which 39 of the underlying mines are producing.
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