Business
Essex Minerals Plans Spin-Out of New Streaming and Royalty Company With a Focus on Renewable Energy
Essex Minerals Plans Spin-Out of New Streaming and Royalty Company With a Focus on Renewa...
About this update from Optegra Ventures Inc.
[{"type":"text","content":"\n \n \n \n Essex Minerals Plans Spin-Out of New Streaming and Royalty Company With a Focus on Renewable Energy\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 12, 2021\n \n /CNW/ - Further to the Company's previously announced Framework Financing Agreement with Zola Minerals Inc (\"Zola\"), a non-arm's length streaming company, Essex Minerals Inc. (the \"Company\" or \"Essex\") (TSXV: ESX) (OTCQB: ESXMF) (Frankfurt: EWX1) is pleased to announce that it has elected to be Zola's exclusive financing partner for a new streaming and royalty company with a focus on renewable energy.\n \n \n The new company will be funded separately to\n \n Essex\n \n with the founding shares in the new venture to be distributed pro-rata to\n \n Essex\n \n shareholders. A meeting of shareholders has been called for\n \n June 10, 2021\n \n to approve the capital distribution.\n \n \n \n Highlights\n \n \n \n \n Zola has secured exclusive access to a pipeline of long-life renewable energy streams and is in advanced negotiation on additional streams in the renewable energy and metals sectors.\n \n \n \n Essex\n \n has undertaken to arrange financing for the streaming venture as follows:\n \n \n \n \n Essex\n \n is forming a new subsidiary called Optegra Capital Corp (\"Optegra\") to which it will assign its rights under the Framework Financing Agreement with Zola announced on\n \n March 31, 2021\n \n .\n \n \n Optegra plans to raise up to\n \n $50 million\n \n to fund the initial streams after which it will file a non-offering prospectus with the British Columbia Securities Commission and seek a new listing as a Tier 1 Investment Company on the TSX Venture Exchange.\n \n \n Optegra will also have the rights to acquire Zola's current and future rights to other streams being negotiated in the renewable energy, battery and precious metals sectors.\n \n \n It is proposed that approximately\n \n $5.6 million\n \n in capital will be returned to existing\n \n Essex\n \n shareholders through the distribution of Optegra shares. T...