Electric Royalties Converts Interest into Shares Under Loan Agreement

Electric Royalties Ltd. has announced that Gleason & Sons LLC will convert C$518,142.23 of accrued interest into 4,505,585 common shares at a price of C$0.115 per share. This conversion is part of the amended loan agreement from February 2024 and awaits approval from the TSX Venture Exchange.

CEO Brendan Yurik highlighted this conversion as removing all existing interest, expressing gratitude for the ongoing support from major shareholder Stefan Gleason. He also noted increased royalty payments from the Punitaqui copper mine and upcoming feasibility studies in various projects, including Seymour Lake and Battery Hill.

The conversion is categorized as a "Shares for Debt" transaction under TSXV rules, and the issued shares will have resale restrictions under Canadian and U.S. securities laws. Electric Royalties also granted 700,000 stock options to consultants at an exercise price of $0.14.