CHARLOTTE, NC / ACCESSWIRE / July 4, 2022 / Stefan Gleason (the 'Acquiror'), a private investor, today announced that he is filing an early warning report in connection with his acquisition of shares of Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ('Electric Royalties' or the 'Company').
On June 30, Acquiror purchased 1,138,750 Company shares via the OTCQB (at a cost of $223,717.71 CAD, or an average of $0.196 per share), taking his interest above the 10% reporting threshold. Prior to June 30, the Acquiror held an aggregate of 8,709,979 Shares and 500,000 Warrant Shares. The aggregate Shares and Warrants over which the Acquiror had beneficial ownership, control or direction represented approximately 9.99% of the issued and outstanding Shares on an as converted and partially diluted basis.
As of the date hereof, the Acquiror now beneficially owns or has control or direction over 9,848,729 Shares and 500,000 Warrants, representing approximately 11.24% of the issued and outstanding Shares on an as converted and partially diluted basis. This will be the initial report filed under the early warning reporting rules of Canadian securities laws by the Acquiror.
'I am pleased to increase investment in what I believe to be an undervalued company having the benefit of cash in the bank and a first-mover advantage in the electric metals royalty space,' said Gleason. 'Company management has demonstrated savvy, win-win deal making abilities and communicates transparently to shareholders and the markets about the company's ongoing progress. I expect to acquire additional shares over time.'
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
SOURCE: Stefan Gleason
View source version on accesswire.com: