Electric Royalties Ltd. (TSE:ELEC) has released an update.
Electric Royalties Ltd. has announced the acquisition of a significant lithium royalty and option portfolio, including 18 royalty agreements and 32 properties in Ontario, Canada, which will convert to royalties upon successful exploration and option exercises. The deal includes issuing 2.25 million common shares and a cash payment, with further financial support through a C$2.5 million drawdown from the company’s credit facility. This strategic move, expected to close in April 2024, is subject to due diligence and regulatory approvals, positioning Electric Royalties as a key player in the lithium market.
For further insights into TSE:ELEC stock, check out TipRanks’ Stock Analysis page.
