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02:12
02:12
 
  • Electric Royalties (ELEC) has signed an LOI with Strategic Minerals Europe (SNTA)
  • The LOI is in reference to the proposed grant to Electric Royalties of a gross revenue royalty on the Penouta tin-tantalum mine in Spain
  • Electric Royalties CEO Brendan Yurik sat down with Daniella Atkinson to discuss the news
  • Under the LOI, Electric Royalties will acquire a 0.75 percent gross revenue royalty on the production of the Penouta mine
  • Electric Royalties will have the option to acquire an additional 0.75 percent royalty at the Penouta mine for a cash payment of C$1.25 million
  • Electric Royalties is a royalty company 
  • Electric Royalties Ltd. (ELEC) opened trading at C$0.26

Electric Royalties (ELEC) has signed a Letter of Intent with Strategic Minerals Europe (SNTA).

The LOI is in reference to the proposed grant to Electric Royalties of a gross revenue royalty on the Penouta tin-tantalum mine in Spain in exchange for a cash payment of C$1,000,000 and 500,000 common shares of Electric Royalties.

Brendan Yurik, CEO of Electric Royalties, sat down with Daniella Atkinson to discuss the transaction.

Under the LOI, Electric Royalties will acquire a 0.75 percent gross revenue royalty on the production of the Penouta mine for a cash payment of C$1.0 million and 500,000 common shares in the capital of Electric Royalties. Electric Royalties will have the option to acquire an additional 0.75 percent royalty at the Penouta mine for a cash payment of C$1.25 million.

Electric Royalties has a growing portfolio of 20 royalties, including one royalty that currently generates revenue. Electric Royalties is focused predominantly on acquiring royalties on advanced-stage and operating projects to build a diversified portfolio.

Electric Royalties Ltd. (ELEC) opened trading at C$0.26.

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