Business
Letter of Intent To Acquire the Pontax North Lithium Project in Quebec and Name Change to Arctic Fox Lithium
VANCOUVER, BC / ACCESSWIRE / February 27, 2023 / Arctic Fox Lithium Corp. (formerly Arctic Fox Ventures Inc.) (CSE:AFX)(FSE:7N4) (the "Company") is pleased to a
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / February 27, 2023 / Arctic Fox Lithium Corp. (formerly Arctic Fox Ventures Inc.) (CSE:AFX)(FSE:7N4) (the \"Company\") is pleased to announce that on February 27, 2023 it entered into a Letter of Intent (the \"LOI\") with 1000383374 Ontario Inc. (\"3374\") to acquire 34 active mineral claims located in the James Bay region of Quebec (the \"Acquisition\"). The 34 mineral claims known as the Pontax North Lithium project consist of 1,803 hectares of land. Under the terms of the LOI the Company would be required to issue up to 6,000,000 common shares in the Company and make a cash payment of CAD$50,000 on execution of a definitive agreement with respect to the Acquisition. The Company and 3374 will work towards executing a mutually agreeable definitive agreement within fifteen days. The Acquisition is an arm's length transaction and there are no finder's fees payable in connection with it. Harry Chew, Chief Executive Officer and President of the Company commented: \"We are excited to add the Pontax North Lithium project to our portfolio of projects in the James Bay region of Quebec. Together with our Kana Lake Lithium project, upon completion of the Acquisition, the Company would have over 3,900 hectares of land and 75 mineral claims in this region. Our planned focus after the Acquisition is to explore and develop these claim blocks in hopes of proving a lithium resource.\" The Acquisition will not constitute a change of business. The Company is also pleased to announce that it has received approval from the Registrar of Companies for the Province of British Columbia to change its name to Arctic Fox Lithium Corp. The Company feels that the new name better aligns with its focus on lithium projects in North America. At a later date, the Company will provide its existing beneficial shareholders with a letter of transmittal instructing them on how they may exchange share certificates under the previous name of the Company with share certificates under the new name. The Company will also issue a subsequent press release to advise as to when the Company will commence trading under the new name. It is not anticipated that the Company's current trading symbol will change in connection with the name change. About Pontax North Lithium The 1,803-hectare Pontax North Lithium Project is located 12 km south of Galaxy ...