Electric Royalties Ltd. (TSXV:ELEC) entered into a Letter of Intent to acquire Portfolio of 126 Lithium Properties in Eastern Canada from Perry English, Michael Kilbourne, 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. for CAD 5.1 million on November 3, 2023. As for consideration company will issue an aggregate of 3 million common shares in the capital of the Company and make a cash payment (the sum of C$3,000,000 less the (i) exclusivity fee and (ii) the amount of certain payments received by the Vendors under any earn-in, option, royalty or similar agreement on or after January 1, 2024 on closing of the Transaction. Make a cash payment of CAD 0.75 million on the 12-month anniversary of the Closing; and Make a cash payment of CAD 0.75 million on the 18-month anniversary of the Closing.

As per filling on March 6, 2024, Electric Royalties amended consideration payments Electric Royalties will pay 2.25 million common shares in the capital of the company and make a cash payment of C$1.975 million Completion of the proposed transaction remains subject to a number of conditions, the satisfactory completion of due diligence; board approval; the receipt of any required regulatory approvals; and the negotiation of definitive documentation.