VANCOUVER, BC, May 5, 2021 /CNW/ -Electric Royalties Ltd. (ELEC or the Company) (TSXV:ELEC) announces that it plans to complete a private placement of up to 25,000,000 units (Units) of the Company at a price of$0.40per Unit (the Issue Price) for proceeds of up to$10 million(the Offering).
Each Unit is comprised of one common share (a Share) of the Company plus one common share purchase warrant (a Warrant). Each Warrant can be exercised for a two-year period from the Closing Date at$0.60per Warrant Share (as hereinafter defined). The Units, Shares and Warrant Shares will be subject to applicable resale restrictions, including a four month hold period from date of closing of the Offering under applicable Canadian securities laws. Completion of the Offering is subject to regulatory approval, including approval of the TSX Venture Exchange.