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Gleason & Sons Commits to Providing Electric Royalties with $10 Million Convertible Credit Facility for Acquiring Cash-Flowing Royalties
CHARLOTTE, NC / ACCESSWIRE / October 20, 2023 / Gleason & Sons LLC announced today it has co...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"Gleason & Sons Commits to Providing Electric Royalties with $10 Million Convertible Credit Facility for Acquiring Cash-Flowing RoyaltiesCHARLOTTE, NC / ACCESSWIRE / October 20, 2023 / Gleason & Sons LLC announced today it has committed to provide an expanded C$10 million convertible loan (the \"Credit Facility\") for Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) (the \"Company\") to enable the Company to capitalize on new opportunities to acquire undervalued royalties.With its maturity date to be extended two additional years to 2028, the amended Credit Facility will provide Electric Royalties with a long-term, non-dilutive source of capital to bridge the Company to positive cash flow in the near term while also providing additional financial resources to add to its existing portfolio of 22 royalty assets across nine critical metals used in the electrification of the global economy.In addition to funding producing royalty acquisitions, the Credit Facility could also be, upon lender approval, advanced for working capital or for Company purchases of its undervalued shares on the open market pursuant to a Normal Course Issuer Bid (NCIB) filing.Gleason & Sons is the family office of Stefan Gleason, a Charlotte-based entrepreneur who leads several privately held businesses in the United States, including Money Metals Exchange LLC. Money Metals is one of the largest precious metals dealers and depositories in North America with over C$1 billion in annual revenues.Gleason and his affiliates are also major shareholders in Electric Royalties with a 19.99% ownership stake, in the aggregate.\"We are pleased to help Electric Royalties capitalize on today's fertile environment to acquire undervalued royalties connected with accretive battery metals projects in North America and other top-tier jurisdictions,\" said Stefan Gleason, managing director of Gleason & Sons.\"Electric Royalties already owns three royalties that provide revenue. And because the Company has wisely kept its overhead costs low, it is expected to reach positive cash flow in the near term - whether it be a result of closing on another producing asset from its robust deal pipeline or when another of its 22 existing royalties enters production as expected,\" Gleason continued.\"We applaud CEO Brendan Yurik and the Company's board for continuing to execute on t...