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STRATEGIC MINERALS ENTERS INTO A LETTER OF INTENT FOR A PROPOSED GROSS REVENUE ROYALTY ON THE PENOUTA MINE
STRATEGIC MINERALS ENTERS INTO A LETTER OF INTENT FOR A PROPOSED GROSS REVENUE ROYALTY ON THE PENOUTA MINE.
About this update from Strategic Minerals Europe Corp.
[{"type":"text","content":"\n\n\n\nSTRATEGIC MINERALS ENTERS INTO A LETTER OF INTENT FOR A PROPOSED GROSS REVENUE ROYALTY ON THE 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 ENTERS INTO A LETTER OF INTENT FOR A PROPOSED GROSS REVENUE ROYALTY ON THE PENOUTA MINE\nCanada NewsWire\nTORONTO, Nov. 15, 2022\n\n\n\nTORONTO, Nov. 15, 2022 /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, announces that it has entered into a letter of intent (the \"LOI\") with Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF) (\"Electric Royalties\") with respect to the proposed grant to Electric Royalties of a gross revenue royalty on the Company's Penouta tin-tantalum mine in Spain (the \"Proposed Transaction\").\nPursuant to the LOI, it is proposed that Electric Royalties will acquire a 0.75 percent gross revenue royalty on the production of the Company's Penouta mine in consideration for a cash payment of C$1.0 million and the issuance of 500,000 common shares in the capital of Electric Royalties to the Company. Electric Royalties will also have the option for a period of seven months from the closing date of the Proposed Transaction to acquire an additional 0.75 percent royalty at the Penouta mine in consideration for a further cash payment of C$1.25 million. The royalty rates will be reduced to 0.5 percent respectively once C$1.67 million in royalty revenues have been paid to Electric Royalties.\n\"With our recent record production of 80 tonnes of total concentrate from the Penouta mine in September, and our outlook for continued solid and stable production, we are pleased to announce this Proposed Transaction with Electric Royalties,\" commented Jaime Perez Branger, CEO of Strategic Minerals. \"The proposed proceeds will be used for further improvements at the mine to increase production and efficiency.\"\nAbout Electric Royalties Ltd.Electric Royalties is a royalty company established to take advantage of t...