Jan 24, 2023
Electric Royalties Ltd. (TSXV: ELEC) (“Electric Royalties” or the “Company”) is pleased to announce the closing of the previously announced (see November 15, 2022 news release) acquisition of a 0.75% gross revenue royalty (“GRR”) on the producing Penouta tin-tantalum mine in Spain (the “Project” or “Penouta”) with Strategic Minerals Europe Corp. (“Strategic Minerals”) (NEO: SNTA) (OTCQB: SNTAF) in exchange for a cash payment of C$1,000,000 and 500,000 common shares of Electric Royalties. In addition, the Company has an option for a period of 7 months from closing to acquire an additional 0.75% GRR on Penouta in exchange for an additional cash payment of C$1,250,000. The respective royalty rates will be reduced to 0.5% once certain minimum royalty payments have been made.