Gold Royalty Falls 13% on Equity Offering, Copper-Focused Transaction for Vares Project

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Gold Royalty shares were down 13% after the company announced a bought deal offering of about $30 million and a $50 million copper-related transaction for the Vares silver project in Bosnia and Herzegovina.The stock was recently at $1.68 on Tuesday and is up about 14% this year.The project is operated by a unit of Adriatic Metals. Gold Royalty said that while its portfolio is still mainly focused on precious metals, the Vares transaction will help it benefit from record copper prices.The company agreed to sell 17.4 million units, each including a share and warrant, for $1.72 each.

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