Stefan Gleason (the "Acquiror"), a private investor, today announced that he is filing another early warning report in connection with his acquisition of an additional 2% in outstanding shares of Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company"), taking his stake in the Company to approximately 15.4
"I am thrilled to continue snatching up steeply undervalued shares of this first-mover battery metals company, especially as its royalty portfolio appears poised to spin off several million dollars in annual cash flow within the next three years," said Gleason. "Management has demonstrated it can ink accretive deals while carefully guarding shareholder interests. Well positioned for today's inflationary environment, Electric Royalties' efficient business model has a bright future."
On September 23, 2022, Acquiror purchased 304,900 Company shares via the OTCQB (at a cost of $90,739 CAD, or an average of $0.298 per share). Prior to September 23, the Acquiror held an aggregate of 13,684,333 Common Shares and 500,000 Warrant Shares, representing approximately 15.08% of the issued and outstanding Shares on an as converted and partially diluted basis. After the purchases on September 23, the Acquiror held 13,989,233 Common Shares and 500,000 Warrant shares, or 15.40% of the issued and outstanding Shares on an as converted and partially diluted basis.
Previously, on July 18, 2022, the Acquiror filed a report under the early warning reporting rules of Canadian securities laws, disclosing that he beneficially owned or had control or direction over 11,813,928 Shares and 500,000 Warrants, at the time representing approximately 13.37% of the Company's issued and outstanding Shares on an as converted and partially diluted basis. The Acquiror is filing this latest early warning report because he has now accumulated more than 2% of the Company's issued and outstanding Shares since the prior filing on July 18, 2022.
This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the Early Warning Report will be filed at www.sedar.com.
Electric Royalties Ltd. is located at 14th floor, 1040 West Georgia Street, Vancouver, B.C. V6E 4H1 Canada.
For further information:
PO Box 49043, Charlotte, NC 28277
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address anticipated future events are forward-looking statements. Although the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
SOURCE: Stefan Gleason
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