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ELECTRIC ROYALTIES TO ACQUIRE 0.5% GROSS REVENUE ROYALTY ON ZONIA COPPER PROJECT IN ARIZONA
ELECTRIC ROYALTIES TO ACQUIRE 0.5% GROSS REVENUE ROYALTY ON ZONIA COPPER PROJECT IN ARIZO...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"\n \n \n \n ELECTRIC ROYALTIES TO ACQUIRE 0.5% GROSS REVENUE ROYALTY ON ZONIA COPPER PROJECT IN ARIZONA\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}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 13, 2022\n \n \n /CNW/ - 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. (TSXV: 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\n \n Arizona\n \n , US (the \"Zonia Project\" or \"Zonia\") in exchange for\n \n C$1,550,000\n \n 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\n \n C$3,000,000\n \n 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\n \n C$3,000,000\n \n 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.\n \n \n 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.\n \n \n \n \n Brendan...