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Strategic Minerals Announces Increased Gross Revenue Royalty Interest of Electric Royalties on Penouta Mine
Strategic Minerals Announces Increased Gross Revenue Royalty Interest of Electric Royalties on Penouta Mine.
About this update from Strategic Minerals Europe Corp.
[{"type":"text","content":"\n\n\n\nStrategic Minerals Announces Increased Gross Revenue Royalty Interest of Electric Royalties on Penouta Mine\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\nStrategic Minerals Announces Increased Gross Revenue Royalty Interest of Electric Royalties on Penouta Mine\nCanada NewsWire\nTORONTO, July 28, 2023\n\n\n\nTORONTO, July 28, 2023 /CNW/ - Strategic Minerals Europe Corp. (NEO: SNTA) (FRA: 26K0) (OTCQB: SNTAF) (\"Strategic Minerals\" or the \"Company\"), a company focused on the production, development, and exploration of tin, tantalum and niobium, is pleased to announce that Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF) (\"Electric Royalties\") has exercised its option (the \"Option\") to increase its existing 0.75% Gross Revenue Royalty (\"GRR\") on the producing Penouta tin-tantalum mine in Spain by a further 0.75% in exchange for a cash payment of C$1,250,000. Electric Royalties now holds an aggregated 1.5% GRR on Penouta. \nUpon receipt by Electric Royalties of C$1,666,667 in aggregate royalty revenues from the GRR, the royalty rate will be reduced to 1.25%. Upon receipt by Electric Royalties of C$3,333,334 in aggregate royalty revenues from the GRR, the royalty rate will be reduced to 1.0%. Electric Royalties acquired the Option as part of its acquisition of the original 0.75% GRR on Penouta in January 2023.\nJaime Perez Branger, CEO of Strategic Minerals, commented: \"The exercise of the Option by Electric Royalties reaffirms its confidence in our operations at the Penouta Mine, which has been experiencing a steady increase in primary concentrate production and sales\".\nAbout Strategic Minerals Europe Corp.Strategic Minerals' wholly-owned subsidiary, Strategic Minerals Spain, S.L.U. (\"SMS\"), produces, identifies, explores, and develops mineral resource properties critical to the green economy, predominantly in Spain. SMS holds permits, and a production license for the Penouta Project, and a 30% carried joint venture interest in the Alberta II/Carlota Lithium Project. SMS is the largest producer of cassiterite concentrate and tantalite in...