Mar 6, 2023
Electric Royalties Ltd. (TSXV: ELEC) (“Electric Royalties” or the “Company”) is pleased to announce the signing of a binding letter agreement with Tartisan Nickel Corp. (CSE: TN) (“Tartisan”) to acquire a 0.5% gross revenue royalty ("GRR") on certain mining claims, mining leases and mineral tenures comprising the wholly-owned Kenbridge Nickel Project in northwest Ontario, Canada (the "Kenbridge Project" or "Kenbridge") in exchange for C$500,000 cash and 2,500,000 common shares of the Company (the “Transaction”). The Company will also have the right, for a period of 18 months after closing of the Transaction, to acquire a further 0.5% GRR on the Kenbridge Project for C$1,750,000 cash consideration. In addition, the Company will have an option to acquire a 1% GRR on the mining claims, mining leases and mineral tenures comprising the Kenbridge North Nickel Project (the “Kenbridge North Project” or “Kenbridge North”), approximately 2.5 km north of the Kenbridge Nickel Deposit, for C$1,000,000 cash, at any time during a period of 24 months from the date that Tartisan publishes an initial technical report in respect of the Kenbridge North Project which is prepared in accordance with National Instrument 43-101 and which contains an estimate of Inferred Mineral Resources.