Elemental Royalty Corporation completed its acquisition of Vizsla Royalties Corp. on Sept. 15, 2026, through a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Denver- and Vancouver-based company, listed on the Nasdaq and TSX under the ticker ELE, acquired Vizsla Royalties, which was quoted on the TSX Venture Exchange and OTCQX under the ticker VROY.
The transaction gives Elemental net smelter return royalties of 2.0% to 3.5% on Vizsla Silver Corp.'s Panuco silver-gold project in Mexico. The interests are described as life-of-mine, with no caps, buybacks or step-downs, and cover the project's existing resources.
Vizsla Royalties shareholders were entitled to elect C$4.13 in cash, 0.15 Elemental common share, or a combination of both for each Vizsla Royalties common share, subject to proration based on a maximum aggregate cash consideration of approximately C$82 million. Elemental paid approximately C$82 million in cash and issued approximately 8,107,478 Elemental common shares to former Vizsla Royalties shareholders, who will own approximately 11.19% of Elemental's outstanding common shares.
Vizsla Royalties common shares are expected to be delisted from the TSX Venture Exchange on or about the close of business the following day and to cease trading on the OTCQX. The company will apply to Canadian securities regulators to cease being a reporting issuer in applicable jurisdictions after delisting.
Elemental said the common shares issued in the transaction relied on an exemption from registration requirements under the United States Securities Act of 1933, as amended, provided by Section 3(a)(10). Scotiabank acted as financial advisor to Elemental, while GenCap Mining Advisory Ltd. and Canaccord Genuity Corp. advised Vizsla Royalties and its special committee.
