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Collective Metals Acquires 100% of the Lithium Whitemud Project in Northwestern Ontario
VANCOUVER, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) -- Collective Metals (CSE: COMT | OTC: CLLMF | FSE: TO1) (the “Company” or “Collective”), is pleased
About this update from Collective Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) -- Collective Metals (CSE: COMT | OTC: CLLMF | FSE: TO1) (the “Company” or “Collective”), is pleased to announce that further to its news release dated July 12, 2023, the Company has completed its previously announced acquisition (the “Acquisition”) of all of the issued and outstanding shares of 1000587016 Ontario Ltd. (“587016”) from the shareholders of 587016 (each, a “Vendor”). Pursuant to the Acquisition, the Company issued 4,000,000 common shares in the capital of the Company (each, a “Consideration Share”) to the Vendors at a deemed issue price of $0.31 per Consideration Share, representing aggregate share consideration of $1,240,000, in exchange for all of the outstanding common shares of 587016. In addition to the issuance of the Consideration Shares, the Company made a $40,000 cash payment to a Vendor. The Consideration Shares were issued pursuant to s. 2.16 (take-over bid and issuer bid) of National Instrument 45-106 - Prospectus Exemptions. The Acquisition is an arms-length transaction for the Company and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the Canadian Securities Exchange. About Collective Metals: Collective Metals Inc. (CSE: COMT | OTC: CLLMF | FSE: TO1) is a resource exploration company specializing in precious metals exploration in North America. The Company’s flagship property is the Princeton Project, located in south-central British Columbia, Canada, approximately 10 km west of the currently producing Copper Mountain Mine. The Princeton Project consists of 29 mineral tenures totaling approximately 28,560 ha (70,570 acres) in a well documented and prolific copper-gold porphyry belt and is easily accessible by road, located immediately west of Highway 3. The Company’s Landings Lake Lithium Project, which is located in northwestern Ontario where numerous lithium deposits have been delineated to host significant reserves of Li2O. The Landings Lake Lithium Project is located 53 km east of Ear Falls, Ontario and covers 3,146 hectares. The Whitemud Project with several identified pegmatite outcrops, neighbours the Landings Lake Project and consists of 381 single cell mining claims totaling 7,775 hectares. Social Media Twitter @COMT_metals LinkedIn Collective Meta...