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Canadian Government Provides C$100 Million Financing LOI to Green Technology Metals in Support of Electric Royalties' Flagship Lithium Royalty Asset in Ontario
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Canadian Government Provides C$100 Million Financing LOI to Green Technology Metals in Support of Electric Royalties' Flagship Lithium Royalty Asset in Ontario
Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to provide an update on the Seymour Lake Lithium Project ("Seymour Lake" or "the Project") in Ontario, Canada, on which it owns a 1.5% Net Smelter Royalty.
On December 22, 2024, Green Technology Metals Limited (ASX: GT1) ("Green Technology Metals"), the operator of Seymour Lake, announced that it has received a letter of interest ("LOI") from Export Development Canada ("EDC") in support of EDC's interest to finance the development of the Project and potentially provide a direct lending debt funding package of up to C$100 million.
Brendan Yurik, CEO of Electric Royalties, commented: "The letter of interest from Export Development Canada for up to C$100 million in financing support represents a meaningful step forward for Green Technology Metals' Seymour Lithium Project. This announcement could help accelerate the project's development, reinforcing its trajectory to become Ontario's first lithium producer, and solidifying its role in Canada's critical minerals supply chain."
EDC is a financial Crown corporation owned by the Government of Canada, specializing in providing financing solutions for Canadian exporters and has closed over 540 transactions in the renewables and sustainable technologies, power and utilities, energy, mining, telecommunications and infrastructure sectors.
The potential financing by EDC is subject to the completion of a due diligence process and typical project finance conditions. This includes an environmental and social review aligned with EDC's Environmental and Social Risk Management Framework.
According to Green Technology Metals, the LOI complements strong interest from additional global commercial lenders, forming a foundation for a diversified financing structure which it anticipates finalizing in 2025, along with a feasibility study that is already underway.
Electric Royalties is relying on the information provided by Green Technology Metals.
About Electric Royalties Ltd.
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 41 royalties in lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper across the world. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades toward a decarbonized global economy.
For further information, please contact:
Brendan Yurik
CEO, Electric Royalties Ltd.
Phone: (604) 364‐3540
Email: [email protected]
https://www.electricroyalties.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information
This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR+ as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at sedarplus.ca and at otcmarkets.com
SOURCE: Electric Royalties Ltd.
P.Lefebvre--SMC
