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Electric Royalties Closes Cash Flowing Royalty Acquisition
Electric Royalties Closes Cash Flowing Royalty Acquisition Canada NewsWire ...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"\n \n \n \n Electric Royalties Closes Cash Flowing Royalty Acquisition\n \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}\ntable p, #divContent table p\n{\nmargin: 0px;\nmargin-left: 3.8px;\nfont-size: 8pt !important;\nfont-family: Arial;\ncolor: black;\nmargin-right: 0pt;\n}\ntable th, #divContent table th\n{\nfont-weight: unset !important;\ntext-align: unset !important;\nvertical-align: unset !important;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Aug. 11, 2021\n \n /CNW/ -\n \n Electric Royalties Ltd.\n \n (TSXV: ELEC)\n \n (\"Electric Royalties\" or the \"Company\")\n \n is pleased to announce that it has closed the previously announced acquisition of the Globex portfolio of royalties (\"Globex Portfolio\"). The Company acquired 25% of the Middle Tennessee Mine Royalty (\"MTM Royalty\") and 100% of the Glassville Manganese Royalty (the \"Glassville Royalty\") for\n \n C$250,000\n \n and 9,000,000 common shares and 5,500,000 common share purchase warrants of the Company (see Company news release dated\n \n May 26, 2021\n \n ) in the transaction. Funds controlled by Sprott Resource Streaming and Royalty Corp. (\"Sprott Streaming\") co-invested and acquired 75% of the MTM Royalty for\n \n C$13.5 million\n \n with Electric Royalties retaining an option to acquire an additional 25% royalty interest from Sprott Streaming (see Company news release dated\n \n May 26, 2021\n \n ).\n \n \n \n \n \n \n \n \n \n \n \n Brendan Yurik\n \n , CEO of Electric Royalties\n \n , stated \"We are excited to close this transformational acquisition with our partners at Sprott Streaming. On receipt of the first royalty payment we will be transformed into a cash flowing royalty company, a significant milestone for Electric Royalties. The transaction is our first syndication of a royalty financing, setting the stage for additional co-investment transactions moving forward, a mechanism which minimizes dilution to the Company whilst potentially enabling us to acquire interests in royalties on significant assets. Our portfolio now consists of 14 royalties, includin...