TSXV:ELEC - Post Discussion
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Betteryear2 on May 01, 2024 9:34am
Electric Royalties Closes Acquisition
VANCOUVER, BC / ACCESSWIRE / May 1, 2024 / Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to announce the closing of the previously announced transaction (the "Transaction") to acquire a portfolio of 18 royalty agreements and 32 lithium properties in Ontario, Canada (the "Ontario Lithium Projects" or the "OLP"). Pursuant to the Asset Purchase Agreement between the Company and 1544230 Ontario Inc., MK Exploration Services Inc. and Gravel Ridge Resources Ltd. (together, the "Vendors") dated April 8, 2024, the Company has issued 2,250,000 common shares of the Company to the Vendors and made a net cash payment of C$1,689,000 (which reflects a total cash consideration of C$1,875,000, less C$75,000 down payment provided to the Vendors in November 2023 and C$111,000 held in escrow representing cash payments and the value of shares received by the Vendors after January 1, 2024 pursuant to certain mineral property interests in the OLP). Electric Royalties Closes Acquisition of Lithium Royalty and Option Portfolio in Ontario, Canada (accesswire.com)
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