Grenville Strategic Royalty Announces Closing of Above Security Royalty Exit
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/26/15 -- Grenville Strategic Royalty Corp. (TSX VENTURE: GRC) ("Grenville") has received from Above Security Inc. $6.7 million net of transaction costs, completing the previously announced buyout of the $3 million royalty agreement and repayment of two bridge notes totaling $960,000. Above Security is a Montreal-based provider of managed cyber-security services which was previously reported on August 27, 2015.
"Grenville provided the catalytic capital that enabled us to successfully transition to the next stage of our company," said Ray Chehata, Chief Executive Officer of Above Security. "Grenville's professional and financial support throughout the sale process was critical to this highly favourable outcome for all parties."
"We are very pleased with this transaction, and this investment is our highest return to date for Grenville shareholders," said Grenville Chief Executive Officer William (Bill) Tharp. "Grenville generates stable royalty revenues and cash flow for our shareholders with the upside of equity-like returns on royalty buyouts. This is an excellent example of how our business model works to the benefit of our shareholders and the businesses within our portfolio."
Following this transaction, Grenville has approximately $29.4 million of capital available for investments.
Details of the Above Security transaction can be found .
About Grenville
Based in Toronto, Grenville Strategic Royalty Corp. is a publicly-traded royalty company that makes investments in established businesses with revenues of up to $50 million dollars. Grenville generates revenues from royalty payments and buyouts from contracts. The non-dilutive royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms. To date, Grenville has announced cash inflows of $19.7 million from $42.7 million invested in the two years since its inception.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Grenville Strategic Royalty Corp.
William (Bill) R. Tharp
President and Chief Executive Officer
(416) 777-0383
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Datum: 26.10.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 429246
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