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Principal of U.S. Metals Firm Increases Stake in Electric Royalties to 22%
CHARLOTTE, NC / ACCESSWIRE / March 14, 2024 / Stefan Gleason (the "Acquiror" or "Gleason") today...
About this update from Electric Royalties Ltd.
[{"type":"text","content":"Principal of U.S. Metals Firm Increases Stake in Electric Royalties to 22%CHARLOTTE, NC / ACCESSWIRE / March 14, 2024 / Stefan Gleason (the \"Acquiror\" or \"Gleason\") today announced that he is filing an early warning report in connection with his acquisition on the open market of additional shares of Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) (\"Electric Royalties\" or the \"Company\").Gleason now beneficially owns or has control or direction over approximately 22% of the Company's issued and outstanding common shares.\"With positive developments recently announced in connection with several of the Company's larger royalties, especially Battery Hill, Seymour Lake, and Mont Sorcier, I am pleased to continue placing bids in the open market and bolster my overall investment in the Company,\" said Gleason. \"Given the current market capitalization, I believe the assets held by Electric Royalties are significantly undervalued.\"\"Meanwhile, the package of lithium properties under the recent amended LOI potentially creates near-term cash flow from scheduled option payments, immediately doubles the Company's royalty count to 44, creates a path to 80 royalties, and adds even more sizzle to the Company's portfolio.\"Gleason is utilizing the \"Normal Course Purchase Exemption\" in National Instrument 62-104 -Take-Over Bids and Issuer Bids. The exemption permits additional share purchases above the 20% threshold without triggering a takeover bid requirement so long as the acquisitions within any 12-month period do \"not exceed 5% of the securities of that class outstanding at the beginning of the 12-month period.\"Stefan Gleason is 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.Gleason was elected a Director of the Company at the annual meeting last December. His family office, Gleason & Sons LLC, recently provided an expanded C$10 million convertible credit facility that potentially enables the Company to acquire new assets without raising equity, thereby avoiding dilution of existing shareholders.On March 13, 2024, Acquiror purchased 53,000 Company shares via the TSXV (at a cost of C$ 8,911.83, or an average of $0.2241 per share). Prior to March 13...