Ely Gold Royalties (OTCMKTS:ELYGF) Stock Moving in a Range: But Why?

This past Friday the Ely Gold Royalties (OTCMKTS:ELYGF) stock was moving within a range but despite that it should be noted that the company did make a key announcement on the same day and it is something that investors ought to look into.

Last Friday, the company released a joint statement in conjunction with Gold Royalty Corp in which it was noted that Ely Gold Royalties managed to get the final order with regards to the fulfilment of a material condition from the Supreme Court of British Columbia. The material condition was related to the business combination between the two companies that had to be completed under the provisions of the British Columbia Business Corporations Act.

The court approval came as a major boost for both companies since all the other terms and conditions with regards to the business combination had earlier been met.

As per the terms of the agreement between the two entities, Gold Royalty Corp is going to buy all the issues as well as outstanding shares in Ely Gold. On Friday, it was revealed that the arrangement was supposed to be completed on Monday, August 23, 2021. Hence, it is likely that the Ely Gold stock is going to come into focus today.

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