Toronto, Ontario--(Newsfile Corp. - August 21, 2024) - Royalties Inc. (CSE: RI) ("the Company") announces a non-brokered private placement up to $210,000 at $0.035 per share for 6,000,000 shares which will be used primarily to cover the increased cost of audit and tax professional fees in Canada, property taxes and litigation expenses in Mexico. The strategic investment in Music Royalties Inc. has generated $129,000 in dividend income since October 2022 plus the income from other cash flowing royalties has not yet completely covered corporate overhead. Efforts to maximize the value of the Bilbao silver-zinc-lead project in Mexico in a rising silver price environment are ongoing and the court proceedings to properly recognize the 2% NSR on the Portree claims which are part of the Cozamin mine will resume in September.
About Royalties Inc.
Royalties Inc. has a 2% stake in Music Royalties Inc. ("MRI"), a Canadian-based private company that acquires passive music royalties from rightsholders (including but not limited to artists, producers and songwriters) and currently holds a portfolio of approximately 28 cash-flowing music royalties. MRI is currently paying a monthly dividend generating a 7.2% annual yield.
Royalties Inc. owns a 100% interest, subject to a 1.5% net smelter royalty repurchased in July 2019, on the Bilbao silver-lead-zinc-copper project located in the southeastern part of the State of Zacatecas, Mexico.
Royalties Inc. owns 88% of the outstanding shares of Minera Portree de Zacatecas, S.A. de C.V ("Minera Portree") which holds an asserted claim (backed by a court approved lien) to a 2% net smelter royalty on five mining concessions which are part of the Cozamin Mine operated by Capstone Copper Corp., which claim is challenged by Capstone.
For further information contact Royalties Inc. at www.royaltiesinc.com
Tim Gallagher
CEO & Director
(416) 925-0090
Connor Gallagher
Investor Relations
(647) 921-2206
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Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of those terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to: sufficient capital and financing required in order to fulfill the Company's business plans and strategy may not be obtained as expected; that the Company will not be able to pay future dividends; and other risks related to the Company as disclosed in the documents filed on the Company's SEDAR profile at www.sedar.com. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements contained in this press release and they are expressly qualified in their entirety by this cautionary statement. The forward-looking statements herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements whether as a result of new information, future events or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law.
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SOURCE: Royalties Inc.
