Grenville Strategic Royalty Announces Management Changes and Expansion of Relationship with Boardwalktech, Inc.
TORONTO, Ontario, April 23, 2018 – Grenville Strategic Royalty Corp. (TSXV: GRC) (“Grenville” or the “Company”) today announced changes to its senior management team.
Robb McLarty, currently a Managing Director of the Company, has been promoted to Chief Investment Officer and Acting Chief Executive Officer of the Company. Robb has worked with and invested in emerging growth companies for over twenty years. His venture capital investments have delivered top-quartile returns relative to benchmarks.
Steve Parry will be assuming an advisory role with the Company and will be resigning from the board of directors.
“Steve was a co-founder of the Company and led it through several transitions to bring it to where it is today. He worked tirelessly to find and secure solid investments and consistently added value through his advice and guidance to the investee companies. In addition to advising Grenville, Steve is planning to spend time working directly with some of our existing portfolio companies. We want to thank Steve for his many contributions to the Company”, said Catherine McLeod-Seltzer, Chairman of the Company.
“Robb has demonstrated a keen eye and very good investing discipline in sourcing and closing investments for Grenville. Being based in California enables him to access differentiated US-based companies that strengthen the portfolio. We look forward to Robb continuing to add value in an expanded capacity as Chief Investment Officer”, continued Ms. McLeod-Seltzer.
Grenville wishes to congratulate Boardwalktech, Inc. (“Boardwalktech”), an investee company of Grenville, on the completion of its subscription receipt financing for aggregate gross proceeds of approximately CDN$10 million and its proposed reverse takeover transaction (the “Boardwalktech RTO”) with Wood Composite Technologies Inc. (“Wood Composite”). For further details regarding these transactions, please see the press releases issued by Wood Composite on April, 2018.
Grenville has been granted the right, in connection with consulting services provided by Grenville to Boardwalktech but subject to the completion of the Boardwalktech RTO, to earn up to 399,424 common share purchase warrants of Boardwalktech at an exercise price of USD$1.67 per share. If granted, these warrants would automatically convert into common share purchase warrants of the resulting issuer upon completion of the Boardwalktech RTO. If the Boardwalktech RTO is not completed, no warrants will be issued to Grenville.
Based in Toronto, Grenville Strategic Royalty Corp. makes growth-oriented investments in established businesses with revenues of up to $50 million. Grenville generates revenues from royalty payments, buyouts from contracts and equity returns. 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.
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For further information, please contact:
Grenville Strategic Royalty Corp.
Chief Financial Officer