Electric Royalties Ltd closes previously announced acquisition of Rana nickel 1% NSR

Electric said it has now issued 1.8 million shares of the company to Casper Peterson, Jeroen Van Gool, Martin Blakeman and Winton Willesee (as nominees for SRH) and made a cash payment of $90,000 to SRH, issued 200,000 Consideration Shares to GEMC and made a cash payment of $10,000 to GEMC

Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) announced the closing of its previously announced acquisition of a 1% net smelter return royalty on the Rana nickel project in Norway.

As announced last December, the transaction was concluded with Global Energy Metals Corp (TSX-V: GEMC) (GEMC) and its partner Scandinavian Resource Holdings (SRH).

Electric said it has now issued 1.8 million shares of the company to Casper Peterson, Jeroen Van Gool, Martin Blakeman and Winton Willesee (as nominees for SRH) and made a cash payment of $90,000 to SRH, issued 200,000 Consideration Shares to GEMC and made a cash payment of $10,000 to GEMC.

The consideration shares are subject to a voluntary escrow blocking agreement which stipulates that 50% of the common shares will be subject to a holding period of four months and one day, 25% for 8 months and the remaining 25% for 12 months .

READ: Global Energy Metals and Electric Royalties reaches agreement to advance development of Rana nickel project in Norway

Electric Royalties has a growing portfolio of 18 royalties, including one that is currently generating revenue. It was created to tap into the demand for a wide range of products, which will benefit from the push towards electrification.

The 1% NSR covers four exploration licenses totaling 25 square kilometers (km²) in the Råna mafic-ultramafic intrusion in northern Norway, which includes the former Bruvann nickel mine.

“Underexplored and historically producing nickel mines like Rana in Tier 1 jurisdictions are an excellent place to seek future nickel supply to bridge the looming gap between supply and demand in a respectful manner. of ESG and with less risk than greenfield projects,” said the CEO of Electric Royalties. Brendan Yurik said in a statement last month.

Contact the editor at [email protected]