Company: GROY-WT
Filing Date: 2025-12-08
Form Type: 424B5
Source: 0001493152-25-026680
Chunk: 8

Company: Gold Royalty Corp.
Filing Date: 2025-12-08
Form: 424B5
Chunk 8
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 share.

In connection with the early redemption and the amendment to the Debentures, the holders of the Debentures received a partial make-whole payment equal to the interest that would be payable on the Debentures until December 15, 2026, which was satisfied by us on the same basis as prior interest payments under the Debentures by paying 70% in cash and 30% in common shares at a price of $3.59 per share, being equal to the 20-trading day VWAP of our common shares at the time of redemption. As a result of the transaction, we issued a total of 23,288,896 common shares to the holders of the Debentures and the entire principal amount outstanding of the Debentures has been eliminated.

Adoption of Shareholder Rights Plan

On November 5, 2025, our board of directors, on the recommendation of a recently formed special committee of its independent directors, has adopted a shareholder rights plan, with immediate effect, to help ensure that all shareholders are treated equally and fairly in the event of any unsolicited take-over bid or other attempt to acquire control of the Company (including by way of a “creeping take-over bid”). In respect of such transactions, the shareholder rights plan is intended to, among other things: (i) encourage potential bidders to treat our shareholders fairly and equally and preserve control premiums and value for shareholders; and (ii) provide our board of directors and shareholders adequate time to appropriately respond on an informed basis, and protect applicable legal rights. The shareholder rights plan was not adopted in response to any specific take-over bid or other proposal to acquire control of the Company, and we are not aware of any such pending or contemplated take-over bid or other proposal. Pursuant to the shareholder rights plan, one right was issued in respect of each outstanding common share on the record date, being November 17, 2025, and thereafter, one right automatically attaches to each new common share issued by the Company. Each right will become exercisable if a person acquires beneficial ownership of 15% or more of the outstanding common shares without complying with the permitted bid provisions of the shareholder rights plan. In such circumstances, each right will entitle the holder (other than the acquiring person) to purchase additional common shares at a discount to the then prevailing market price. The shareholder rights plan includes a mechanism that applies a higher 20% threshold to any entity that, together with its affiliates and joint actors, is not party