ELEC INCREASES CONVERTIBLE CREDIT FACILITY TO C$5M ON IMPROVED TERMS & APPOINTS STEFAN GLEASON
Electric Royalties Ltd. (TSXV: ELEC) (“Electric Royalties” or the “Company”) is pleased to announce, further to its November 15, 2022 and January 19, 2023 press releases, that it has entered into an agreement with Gleason & Sons LLC (the “Lender”) to increase the Company’s existing convertible credit facility from C$2,000,000 to C$5,000,000 (the “Loan Amendment”). Gleason & Sons LLC is controlled by Stefan Gleason, a significant shareholder of Electric Royalties.
Mr. Gleason has been appointed as a Board Observer effective immediately. In this role, he will be invited to attend and participate in board meetings, and be granted access to all information provided to the board, but he will not have any voting rights.