Rebel Capital Inc. ('Rebel' or the 'Company') (TSXV: RBL.P), announces that it has extended the time for completion of, and reduced the minimum financing requirements with respect to, the qualifying transaction described in its news release dated January 30, 2020 with Electric Royalties Ltd. ('Electric Royalties').

On January 28, 2020, the Company entered into a definitive business combination agreement (the 'Definitive Agreement') with Electric Royalties and 1238383 B.C. Ltd. ('Rebel Subco'), pursuant to which Rebel Subco will amalgamate with Electric Royalties (the 'Amalgamation'), shareholders of Electric Royalties will exchange their shares of Electric Royalties for shares of Rebel on a one-for-one postConsolidation basis (as defined below) and Electric Royalties will become a wholly-owned subsidiary of Rebel (the 'Transaction').

In light of current market conditions and the COVID-19 pandemic, the parties have entered into an amendment to the Definitive Agreement to: (a) extend the deadline to complete the Transaction from April 30, 2020 to June 25, 2020 and (b) reduce the condition that Rebel and/or Electric Royalties complete one or more private placementsfor aggregate gross proceeds of at least $5 million to at least $3.5 million. Electric Royalties has received shareholder approval of the adoption of the amalgamation agreement between Rebel, Rebel Subco and Electric Royalties in connection with the Amalgamation, with 100% of the votes cast by shareholders present in person or by proxy at the meeting of shareholders of Electric Royalties voting in favour. In connection with the Transaction, Rebel intends to consolidate its common shares on a 2:1 basis (the 'Consolidation'). Rebel has received the requisite approval by written consent resolution from its shareholders in favour of the Consolidation. In addition, on closing of the Transaction, Rebel will change its name to 'Electric Royalties Ltd.' or such other similar name as Electric Royalties may direct and which is acceptable to the TSX Venture Exchange (the 'Exchange') and other applicable regulatory authorities. As previously disclosed, Rebel is a 'capital pool company' and it is intended that the Transaction, when completed, will constitute the 'qualifying transaction' of Rebel for the purposes of Policy 2.4 - Capital Pool Companies of the Exchange.

About Electric Royalties

Electric Royalties' focus is to acquire a portfolio of royalties over mining projects that will feed the increasing metal demand from the global electrification of cars and shift to rechargeable batteries and renewable energy. Production capacity of electric vehicles and batteries is slated to significantly increase over the next decade driving demand growth across several key commodities including copper, nickel, graphite, lithium, manganese, vanadium, tin and cobalt. Electric Royalties intends to focus on these 'electric' metals with each of the targeted metals forecast to have significant supply deficits by 2025 with most targeted metals expected to have significant supply deficits by 2022. Electric Royalties currently has a portfolio of 12 royalties under various binding letters of intent pursuant to which Electric Royalties must satisfy certain conditions precedent in order to close the various acquisitions of the royalties, including completion of a $3,500,000 financing and a going public transaction. Electric Royalties will focus predominantly on acquiring royalties on advanced stage projects as well as operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk.

Contact:

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