Power Metals sells two noncore lithium prospects in Ontario
TSX-V-listed Power Metals Corporation (PWM) has entered into two binding purchase and sale agreements to sell its Gullwing-Tot Lakes and Paterson Lake properties, in Ontario, Canada.
Chairperson and CEO Jonathan More says the sale of these two noncore properties will allow the company to focus fully on the development of the Case Lake project and contribute a nondilutive cash injection to the company’s working capital.
The Gullwing-Tot Lakes property will be sold to ASX-listed Critical Resources for a cash consideration of C$600 000 and the issue of C$600 000 worth of Critical shares to PWM. PWM will also be granted a 1% gross margin royalty for mineral production within the mining claims acquired by Critical.
The Gullwing-Tot Lakes property comprises 358 individual claims, across more than 7 500 ha, nearby the Mavis Lake Main Zone area, where Critical has been successfully drilling since April this year. The tenements are considered highly prospective for lithium mineralisation.
The Paterson Lakes property will be sold to Infini Resources and its Canadian subsidiary. Infini is an Australian private company focused on lithium and uranium exploration and which intends to list on the ASX.
Infini will pay a cash consideration of C$150 000 to PWM for the property, and another cash payment of C$250 000 within 20 days following Infini’s listing on the ASX. Infini will also issue C$150 000 worth of shares to PWM and grant it a 1% gross margin royalty for mineral production within the mining claims acquired by Infini.
The Paterson Lake property comprises 64 mining claims totalling just under 1 200 ha and hosts lithium and feldspar mineralisation.
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