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Collective Metals Executes Definitive Agreement to Sign Option to Acquire 100% Of Northwestern Ontario Lithium Property, Landings Lake
VANCOUVER, British Columbia, April 20, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT) (the “Company” or “Collective”), is pleased to announce that
About this update from Collective Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, April 20, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT) (the “Company” or “Collective”), is pleased to announce that further to its news release dated April 12, 2023, the Company has completed its previously announced acquisition (the “Acquisition”) of all of the issued and outstanding shares of 1335025 B.C. Ltd. (“133 BC”) from the shareholders of 133 BC (each, a “Vendor”). Pursuant to the Acquisition, the Company issued 7,700,000 common shares in the capital of the Company (each, a “Consideration Share”) to the Vendors at a deemed issue price of $0.14 per Consideration Share, representing aggregate share consideration of $1,078,000, in exchange for all of the outstanding common shares of 133 BC. In addition to the issuance of the Consideration Shares, the Company made a $50,000 cash payment to a Vendor. The Consideration Shares will be 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. is a resource exploration company specialized in precious metals exploration in the Northwest Territories. Collective Metals is currently advancing the Uptown Gold Project (the “Property”) 4 km outside of Yellowknife adjacent to high grade past producing mines. The Property is a high grade Archean lode gold prospect adjoining the Giant Mine in Yellowknife, Northwest Territories. The Property consists of 4 claims covering over 2,000 hectares and borders the west side of the Giant Mine leases. The Property centre is approximately 6km north of downtown Yellowknife and adjoins TerraX Minerals' Yellowknife City Gold Property. The Property is road accessible year-round via the Ingraham Trail (Territorial Highway 4) which runs through the eastern portion of the claims. Gold was discovered on the Property in 1960 and two targets were explored intensively from 1963 to 1966. Social Media Twitter: @COMT_metals Linkedin: Collective Metals Inc Facebook: Collective Metals Inc ON BEHALF OF COLLECTIVE METALS INC. Christopher HugginsCEOT: 604-968-4844E: [email protected] FORW...