Electric Royalties Inks Deal To Acquire A 1% NSR On The Cancet Lithium Project In Quebec

Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) said it has signed an agreement to acquire a 1% Net Smelter Royalty (NSR) on the Cancet lithium project in Quebec in an all-stock transaction.
Electric Royalties will issue 3 million of its common shares as payment for the Cancet project royalty, which is subject to a hold period of four months for 50% of the stock, eight months for the next 25%, and a 12-month sell restriction for the remaining 25%.
“The Cancet Project is favourably located in the heart of Plan Nord, an area in which the Quebec government is fostering resource development, including the next generation of battery metal deposits,” Electric Royalties CEO Brendan Yurik said in a statement.
“Initial work suggests that the mineralization at Cancet compares very favorably with other deposits in the region. At Electric Royalties, we expect the project to advance toward a resource with additional drilling over the next several years,” Yurik added.
The Cancet project is an exploration stage property 100% owned by Australian-listed MetalsTech Limited, which covers an area of about 12,746 hectares and is located on an all-season highway in close proximity to low-cost hydroelectric power.
A 2017 drill program conducted on the project uncovered spodumene-bearing pegmatite that was traced continuously along strike for about 1.1 kilometers.
Electric Royalties is a royalty company established so investors can participate in the demand for commodities, such as lithium, vanadium, manganese, tin, graphite, cobalt, nickel and copper, which will benefit from the global drive toward electrification of a variety of consumer products, including cars, rechargeable batteries, large scale energy storage, and renewable energy generation.