Electric Royalties Closes Acquisition of 0.75% Gross Revenue Royalty on Producing Punitaqui Copper Mine in Chile

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[{"type":"text","content":"Electric Royalties Closes Acquisition of 0.75% Gross Revenue Royalty on Producing Punitaqui Copper Mine in ChileVANCOUVER, BC / ACCESSWIRE / December 4, 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 0.75% Gross Revenue Royalty (the \"0.75% GRR\") on the mining claims, mining leases and mineral tenures comprising the producing Punitaqui copper mine in Chile (the \"Project\" or \"Punitaqui\"). In addition, the 0.75% GRR will apply to third-party materials processed through the Punitaqui mining complex from the effective date to December 31, 2027.Pursuant to the definitive agreement with Minera BMR SpA (\"Minera BMR\") and Minera Altos De Punitaqui Limitada (together, the \"Vendors\"), subsidiaries of Battery Mineral Resources Corp. (\"BMR\") (TSXV: BMR) (OTCQB: BTRMF), dated November 22, 2024, the Company has made a cash payment of C$3,050,000 to the Vendors and will make another cash payment of C$450,000 within 45 days after closing.Brendan Yurik, CEO of Electric Royalties, commented: \"This royalty acquisition is a strategic move for Electric Royalties, marking our first cash-flowing copper royalty within a diversified portfolio of nine clean energy metals. It is expected to provide us with a steady revenue stream from the Punitaqui copper mine, which is set to ramp up production. This should bolster revenue generation at Electric Royalties and position us for growth as our other royalty assets continue to progress along the development curve.\"See Electric Royalties' November 22, 2024 news release for more details on the Transaction and the Punitaqui copper mine.Completion of Drawdown under Convertible Credit FacilityFurther to the Company's news release on November 26, 2024, the Company announces that it has completed the C$3,050,000 drawdown (the \"Drawdown\") under its C$10,000,000 amended and restated convertible credit facility with Gleason & Sons LLC (the \"Lender\") dated February 16, 2024 (the \"Credit Facility\") to fully fund the cash payment due at closing for the Punitaqui royalty acquisition.Loans drawn under the Credit Facility bear interest (\"Interest\") at a floating rate (United States Secured Overnight Financing Rate as published by the New Yor...

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