Electric Royalties To Acquire 0.5% Gross Revenue Royalty on Zonia Copper Project in Arizona

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[{"type":"text","content":"Electric Royalties To Acquire 0.5% Gross Revenue Royalty on Zonia Copper Project in ArizonaVANCOUVER, BC / ACCESSWIRE / June 13, 2022 / Electric Royalties Ltd. (TSXV:ELEC) (OTCQB:ELECF) (\"Electric Royalties\" or the \"Company\") is pleased to announce the signing of a binding letter agreement with World Copper Ltd. (TSX.V: WCU) (OTCQB: WCUFF) (FRA: 7LY0) (\"World Copper\") to acquire a 0.5% gross revenue royalty (\"GRR\") on the wholly owned Zonia Copper Oxide Project in Arizona, US (the \"Zonia Project\" or \"Zonia\") in exchange for C$1,550,000 cash and 2,000,000 common shares of the Company (the \"Transaction\"). The Company will also have the right, for a period of 15 months after closing of the Transaction, to acquire a further 0.5% GRR on the Zonia Project for C$3,000,000 cash consideration. In addition, the Company will have an option, to acquire a 1% GRR on the Zonia Norte deposit, adjacent to the Zonia Project, for C$3,000,000 cash, at any time during a period of 24 months from the date that World Copper publishes an initial technical report in respect of the Zonia Norte deposit which is prepared in accordance with National Instrument 43-101 and which contains an estimate of Inferred Mineral Resources.The 2,000,000 common shares will be subject to voluntary escrow which provides that the common shares will be subject to a hold period of 6 months. The Transaction noted herein is subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions.Brendan Yurik, CEO of Electric Royalties commented, \"As a royalty company, we seek to acquire development assets that that have a clear path to production. The Zonia Copper Oxide Project is a near-term copper oxide development project in an attractive mining jurisdiction, Arizona, with a clear path to production.\"Zonia has had an extensive amount of drilling and a significant resource estimate of over 500 million pounds of copper with potential for further resource growth. At recent and forecast long-term copper prices, the Zonia Project has robust economics, a compelling case to bring it to production, and a team experienced in project delivery. As the project sits entirely on private patented land in Arizona, there is potential for a permitting and start of operations timeline of under four years. Due to the extensive amount of work al...

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