Canadian GoldCamps Announces Option to Acquire Valley Springs Lithium Project in Nevada

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[{"type":"text","content":" TORONTO, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Canadian GoldCamps Corp. (“Canadian GoldCamps”, or the “Company”) (CSE: CAMP) (FSE: A68) (OTC: SMATF) today announced that it has entered into a definitive purchase agreement with Zaryadka Lithium Corp. (the “Vendor”) dated October 7, 2022, for the acquisition of the Vendor’s right to earn a 100% undivided ownership interest in the Valley Springs lithium project (“Valley Springs Project” or the “Property”) located in western Nevada (the “Acquisition”). The Valley Springs Project consists of 997 placer claims representing 19,940 acres (8,069.4 hectares) located 55 miles south-southeast of Battle Mountain and 35 miles north-northeast of Austin, Nevada. In consideration for the Project, the Company shall issue 13,000,000 common shares to the Vendor (the “Consideration Shares”) and assumption of all of the obligations under the Valley Springs Project option agreement (the “Option Agreement”) among the Vendor and the original optionor, Great Basin Resources Inc. (“Great Basin”). The Consideration Shares shall be issued at a deemed price per share of $0.25. The Acquisition constitutes a \"Fundamental Change\" pursuant to the policies of the Canadian Securities Exchange (the “Exchange”). As a result, the Acquisition requires approval of the shareholders of the Company. The Company intends to obtain such approval by way of written consent of the holders of the majority of the outstanding share capital of the Company. Holders consenting to the Acquisition will be asked to confirm that they would vote in favour of the Acquisition in the event it was presented for approval at a meeting of the shareholders of the Company. Completion of the Acquisition remains subject to a number of conditions, however, including the successful completion of due diligence, approval of the shareholders of the Company, and approval of the Exchange. The acceptance of the Exchange will require, among other things, the completion and filing of a NI 43-101 compliant technical report on the Valley Springs Project. The Acquisition cannot be completed until these conditions are satisfied, and there can be no assurance that the Acquisition will be completed in a timely fashion or at all. About the Valley Springs Project The Valley Springs Property is located within the Great Basin Physiographic Province in the topographicall...

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