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Elemental Royalties Announces Shares for Debt Transaction
Elemental Royalties Announces Shares for Debt Transaction Canada NewsWire VANCOU...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"\n\n\n\nElemental Royalties Announces Shares for Debt Transaction\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, August 4, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, BC, August 4, 2020 /CNW/ - Elemental Royalties Corp. (\"Elemental\" or \"the Company\") (TSXV: ELE) announces that it has entered into a settlement agreement with Tembo Mining Capital Fund LP (\"Tembo\") that will result in the settlement of C$115,494 in debt (the \"Debt\") in exchange for the issuance by the Company of 65,996 common shares (the \"Settlement Shares\"). The Debt was incurred pursuant to a bridge loan made by, among others, Tembo to the Company (then Fengro Industries Corp.) in March 2019 (the \"Facility\").\n\n \n \n \n \n \n \n\n \nThe Settlement Shares will be issued at a deemed price of CAD$1.750015, being the market price at the time of the agreement, to settle a total debt of C$115,494 pursuant to the Facility. This Debt is comprised of the principal debt amount of C$100,000, an establishment fee of C$5,000 and interest of C$10,494, being all of the obligations owed by Elemental to Tembo under the terms of the Facility. The issuance of the Settlement Shares remains subject to the approval of the TSX Venture Exchange. When issued, the Settlement Shares will be subject to a statutory hold period expiring on the date that is four months and one day after their issue.\nOutstanding obligations of CDN$3,128,218.60 owing to Tembo under a US$2 million convertible loan facility previously established by Elemental Royalties Limited (now a wholly owned subsidiary of the Company) were converted into common shares of the Company in connection with the closing of the recently completed reverse takeover transaction at a price of C$1.30 per common share resulting in the issuance of 2,406,322 common shares to Tembo. For further information on the convertible facility, please refer to the Filing Statement posted to Elemental's issuer profile on SEDAR at...