CHARLOTTE, NC / ACCESSWIRE / June 21, 2024 / Stefan Gleason (the "Acquiror" or "Gleason") today announced that he is filing an early warning report in connection with his acquisition of additional shares of Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company").
After acquiring 2,753,220 Electric Royalties shares via a conversion of C$578,176.37 in loan interest owed by the Company to Gleason & Sons LLC, Gleason now beneficially owns or has control or direction over 28% of the Company's issued and outstanding common shares.
"I am pleased to continue the process of acquiring shares in this remarkably undervalued battery metals royalty company via open market purchases, private agreements, and interest conversions," said Gleason. "The Company's overhead remains super low, and its overall asset count has recently more than tripled to 72 (including 40 royalties) across nine targeted metals," said Gleason.
On June 20, 2024, Acquiror received 2,753,220 shares (acquired via a previously announced at-market interest conversion, conditioned on TSX approval, at a cost of C$578,176.37, or C$0.21 per share). Prior to May 20 the Acquiror held an aggregate of 25,746,404 Common Shares, representing 26.05% of the issued and outstanding Shares on an as converted and partially diluted basis. After the acquisition on June 20, the Acquiror held 28,499,624 Common Shares, or 28.05% of the issued and outstanding Shares on an as converted and partially diluted basis.
On May 30, the Acquiror previously filed a report under the early warning reporting rules of Canadian securities laws, disclosing that he beneficially owned or had control or direction over 25,746,404 Common Shares, at the time representing 26.05% of the Company's issued and outstanding Shares on an as converted and partially diluted basis. The Acquiror is filing this latest early warning report because he has now accumulated more than 2% of the Company's issued and outstanding Shares since his prior filing on May 30, 2024.
This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the Early Warning Report will be filed at www.sedar.com.
For further information, contact:
Stefan Gleason
Gleason & Sons LLC
15720 Brixham Hill Avenue, #205
Charlotte, NC 28277
Tel: 208-577-2230
This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address anticipated future events are forward-looking statements. Although the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future events and actual results or developments may differ materially from those in the forward-looking statements including as a result of the failure to obtain regulatory approvals, the availability of royalties, the production of properties underlying royalties not being as anticipated, and the Company's cash flow position deteriorating as a result of business or economic conditions.
SOURCE: Gleason & Sons LLC
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