12:28 PM EST, 12/24/2024 (MT Newswires) -- Electric Royalties ( ELECF ) was slightly higher, but edging away from near 52 week lows early afternoon Tuesday on potential financing to the tune of C$100 million from Export Development Canada for the Seymour Lake lithium project in Ontario, on which it owns a 1.5% net smelter royalty.

The company said project operator Green Technology Metals received a letter of interest from EDC a couple of days ago to finance the development of the project, and potentially provide a direct lending debt funding package of up to $100 million.

"The letter of interest from Export Development Canada for up to $100 million in financing support represents a meaningful step forward for Green Technology Metals' Seymour lithium project," CEO Brendan Yurik said. "This announcement could help accelerate the project's development, reinforcing its trajectory to become Ontario's first lithium producer, and solidifying its role in Canada's critical minerals supply chain."

A feasibility study on the project is already underway.

Electric Royalty said the potential financing is subject to the completion of a due diligence process and typical project finance conditions.

The company's share price at last look had jumped 6.3% to $0.17, while it has touched a day high $0.175.

Price: 0.17, Change: +0.01, Percent Change: +6.25