Electric Royalties Closes Cancet Lithium Royalty Acquisition

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[{"type":"text","content":"Electric Royalties Closes Cancet Lithium Royalty AcquisitionVANCOUVER, BC / ACCESSWIRE / October 15, 2021 / Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) (\"Electric Royalties\" or the \"Company\") is pleased to announce the closing of two previously announced (see Electric Royalties September 8, 2021 release) royalty purchase and sale agreements to acquire, in the aggregate, a 1% Net Smelter Royalty (the \"1% NSR\") on licenses comprising core strategic tenure at the Cancet Lithium Project situated in Quebec, Canada (the \"Cancet Project\" or \"Cancet\").Brendan Yurik, CEO of Electric Royalties, commented, \"We are very excited to close on this transaction and gain exposure to another highly prospective lithium asset in Quebec. An information circular has recently been filed for the spin-out of Cancet into Winsome Resources and we are looking forward to the successful closing of their IPO and financing. We expect Winsome to quickly advance Cancet and are anticipating a steady flow of good news regarding their exploration and development progress.\"TermsElectric Royalties acquired the 1% NSR on the Cancet Project for a total consideration of 3,000,000 common shares (\"Acquisition Consideration\") of the Company. The Acquisition Consideration will be subject to a voluntary escrow lock-up agreement which provides that 50% of the common shares will be subject to a hold period of 4 months, 25% for 8 months and the remaining 25% for 12 months.Cancet Lithium Project OverviewThe Cancet Project is an exploration stage project 100% owned by MetalsTech Limited (ASX: MTC). The project is located in northern Quebec approximately 250 km east of James Bay, in the administrative region known as Nord-du-Québec. The broader project covers approximately 12,746 hectares, is beneficially located on an all-season highway and is in close proximity to low-cost hydroelectric power.In 2017, a two-phase drill program totaling 5,216 m in 59 holes was completed on the property. Spodumene-bearing pegmatite was traced continuously along strike for approximately 1.1 km. The mineralization, as well as host pegmatite, is interpreted to be shallow dipping; however, drill testing of the down dip continuity is limited. The discovery of additional pegmatite outcrop and a spodumene-bearing boulder attests to the on-strike exploration potential at Cancet.Opti...

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