Routemaster Capital (RM-V) Sells Lithium Royalty And Quebec Royalty And Provides Corporate Update
Oct 5, '20 - NR
Routemaster Capital Inc. has entered into a royalty purchase agreement with 2776234 Ontario Inc. to sell the 1.0-per-cent net smelter returns royalty granted by Potasio Y Litio de Argentina S.A. with respect to the Sal de los Angeles lithium project and the 2.0-per-cent net smelter returns royalty granted by QMX Gold Corp. with respect to its Quebec mineral properties.
As consideration for the royalties, Routemaster received 404,200 common shares of Brazil Potash Corp. at a price per share of $3.75 (U.S.) and 1,010,500 common shares of Flora Growth Corp. at a price per share of 75 U.S. cents per share. Based on the Bank of Canada exchange rate of $1.317 (Canadian) to $1 (U.S.), Routemaster received total consideration valued at approximately $3-million (Canadian). The transaction is considered an exempt transaction in accordance with the policies of the TSX Venture Exchange and the purchaser is a non-arm's-length party of Routemaster.
Corporate update
The company is also pleased to announce that Daniyal Baizak has been appointed president, chief executive officer and a director of the company. Mr. Baizak is a business consultant with considerable experience providing financial and strategic advice on investment, mergers and acquisitions, and project management for a variety of private and public companies. Mr. Baizak holds a bachelor of commerce from Rotman School of Management, University of Toronto.
Mr. Baizak replaces Fred Leigh, the former president, chief executive officer and director of the company. Management and board of directors of the company would like to thank Mr. Leigh for his services and continued support of the company.
About Routemaster Capital Inc.
Routemaster Capital is a Canadian investment company that carries on business with the objective of enhancing shareholder value.
For further information, please contact:
Daniyal Baizak
President and Chief Executive Officer
Tel: +1 (416) 861-1685 |
