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ELECTRIC ROYALTIES TO SELL TWO THIRDS OF ITS 1.5% NET SMELTER ROYALTY ON THE SEYMOUR LAKE LITHIUM DEPOSIT FOR C$4,000,000 CASH
ELECTRIC ROYALTIES TO SELL TWO THIRDS OF ITS 1.5% NET SMELTER ROYALTY ON THE SEYMOUR LAKE...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"\n \n \n \n ELECTRIC ROYALTIES TO SELL TWO THIRDS OF ITS 1.5% NET SMELTER ROYALTY ON THE SEYMOUR LAKE LITHIUM DEPOSIT FOR C$4,000,000 CASH\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 28, 2022\n \n \n /CNW/ - Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF) (\"Electric Royalties\" or the \"Company\") is pleased to announce the signing of an agreement on\n \n June 27, 2022\n \n to sell 1% of its existing 1.5% Net Smelter Royalty (\"NSR\") on the Seymour Lake Lithium Deposit in\n \n Ontario, Canada\n \n , to Lithium Royalty Corp. (\"LRC\"). For more information on the Seymour Lake Lithium Deposit, see Electric Royalties' news release on\n \n February 17, 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 , commented:\n \n \"\n \n \n The sale of part of our\n \n Seymour Lake\n \n royalty will unlock some of the value in our portfolio. The Company acquired the 1.5% NSR in 2021 for 3,000,000 shares, prior to the substantial increase of the lithium price this past year\n \n 1\n \n . This partial sale along with the cash from our recent financing will enable us to deploy capital into additional nearer-term production opportunities with a view to increasing cash flow. We believe our current valuation does not reflect the value of our royalty portfolio of 19 royalties acquired to date, with potential for promising cash flow over the next few years.\"\n \n \n \n \n Acquisition Terms\n \n \n \n The Company will receive\n \n $4,000,000\n \n cash consideration for selling two thirds of its 1.5% NSR (\"NSR Interest\"), being one-half of an aggregate 3.0% NSR (\"Pr...