Business
Tartisan Nickel: Electric Royalties to Acquire 0.5% Gross Revenue Royalty on Kenbridge Nickel Project in Ontario, Canada
Toronto, Ontario--(Newsfile Corp. - March 6, 2023) - Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to anno
About this update from Tartisan Nickel Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - March 6, 2023) - Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) (\"Tartisan\", or the \"Company\") is pleased to announce the signing of a binding letter agreement with Electric Royalties Ltd. (\"ELEC or Electric Royalties\") to grant to Electric Royalties a 0.5% gross revenue royalty (\"GRR\") on six (6) mining patents located on the wholly-owned Kenbridge Nickel Project in northwest Ontario, Canada (the \"Kenbridge Nickel Project\" or \"Kenbridge\") in exchange for C$500,000 cash and 2,500,000 common shares of Electric Royalties Ltd., (the \"Transaction\"). The approximate market value of the Transaction including shares and cash is C$1,350,000. Electric Royalties will also have the option, for a period of 18 months after closing of the Transaction, to acquire a further 0.5% GRR on the Kenbridge Nickel Project for C$1,750,000 cash consideration. In addition, Electric Royalties will have an option to acquire a 1% GRR on certain mining claims, mining leases and mineral tenures comprising the Kenbridge North Nickel Project (the \"Kenbridge North Project\" or \"Kenbridge North\"), approximately 2.5 km north of the Kenbridge Nickel Deposit, for C$1,000,000 cash, at any time during a period of 24 months from the date that Tartisan publishes an initial technical report in respect of the Kenbridge North Project which is prepared in accordance with National Instrument 43-101 and which contains an estimate of Inferred Mineral Resources. The Transaction noted herein is subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions including an escrow agreement pertaining to the ELEC common share consideration. Brendan Yurik, CEO of Electric Royalties commented, \"We're excited to partner with Tartisan Nickel on advancing the Kenbridge nickel-copper-cobalt project in Ontario. The Kenbridge deposit has been well drilled since discovery and though never previously mined, has seen extensive underground development by previous owners. Tartisan has recently released a mineral resource estimate and preliminary economic assessment (PEA) on Kenbridge which describes a project that could be a profitable underground development. \"We believe there is a lot of optionality and upside to Kenbridge as the exploration potential at depth is exciting. If the depos...