Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 7

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 7
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 base rate advances or term benchmark advances. Under the amended Facility, term benchmark advances will bear interest at a rate equal to the Secured Overnight Financing Rate (SOFR) plus a margin ranging from 2.5% to 3.5% based on the Company’s applicable leverage ratio. U.S. dollar base rate advances bear interest at a rate equal to a base rate plus applicable margin. The Facility is subject to a standby fee ranging from 0.56% to 0.79% on the unused portion of the Facility based on the Company’s leverage ratio. The Facility includes customary financial covenants, including a net leverage ratio and interest coverage ratio. The amendment to the Facility was subject to customary conditions and the retirement of at least 75% of the principal amount of our outstanding 10% unsecured convertible debentures due in 2028 (the “ Debentures”).

An aggregate of US$40 million in principal amount of the Debentures was issued by the Company in December 2023, consisting of US$30 million in principal amount held by Queen’s Road Capital Investment Ltd. (“ QRC”) and US$10 million in principal amount held by Taurus Mining Royalty Fund L.P., a fund managed by Taurus Funds Management Pty Limited.

In connection with, and as a condition to the Facility amendment, with the consent of the holders of the debentures, we entered into a supplemental indenture with the trustee under our existing Debentures allowing us to, among other things, exercise our existing redemption rights under their terms. Under the existing Debentures, we had the pre-existing right to cause the early redemption of the Debentures in December 2026. Pursuant to the amendment, with the consent of the holders of the Debentures, we amended the terms of the Debenture to allow us to exercise such right immediately. The existing terms of the Debentures provided that, on exercise of our early redemption rights, the holders could elect to convert their debentures to our common shares at a conversion price of $1.75, being equal to a 20% premium to the 20-day volume-weighted average price (“ VWAP”) of our common shares at the date the Debentures were originally issued. In the absence of early-redemption, the holders could also cause conversion prior to maturity in 2028 at a price of $1.90 per share. The conversion price relating to the redemption was unchanged at $1.75 per common