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Electric Royalties Closes Acquisition of Bissett Creek Graphite Royalty
Electric Royalties Closes Acquisition of Bissett Creek Graphite Royalty Canada New...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"\n\n\n\nElectric Royalties Closes Acquisition of Bissett Creek Graphite Royalty\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, July 16, 2020\n\n\n\nVANCOUVER, BC, July 16, 2020 /CNW/ - Electric Royalties Ltd. (TSXV: ELEC) (\"Electric Royalties\" or the \"Company\") is pleased to announce the closing of the acquisition of a royalty over the Bissett Creek graphite project (\"Bissett Creek Project\") from Northern Graphite Corporation (\"Northern Graphite\"). \n\n \n \n \n \n \n \n\n \nBissett Creek Royalty (\"Bissett Creek Royalty\")The Bissett Creek Royalty is a 1% Gross Revenue Royalty (\"GRR\") over all revenues received or receivable by Northern Graphite in connection with graphite flotation concentrate produced from the Bissett Creek graphite project. The royalty will be based on pricing for 94% Cg concentrates and will not apply to the premiums received for higher purities or value-added products.  Electric Royalties acquired the Bissett Creek Royalty in exchange for 2,000,000 shares and C$500,000 cash.\nBissett Creek Royalty OptionElectric Royalty has a call option, exercisable at any time for a period of two years from July 15, 2020, to acquire a further 0.5% GRR on the Bissett Creek Project by paying C$750,000 to Northern Graphite, of which up to 25% can be paid in shares, valued at the preceding 5-day volume weighted closing price of Electric Royalties shares on the TSX-V. The additional 0.5% GRR will become part of the Bissett Creek Royalty. \nNorthern Graphite Buy Back OptionNorthern Graphite has the option, exercisable at any time after 12 months from July 15, 2020, to buy back a 0.5% GRR on the Bissett Creek Project by either paying (i) C$1,...