Business
ExGen Announces Closing of Spark North Lithium Project Acquisition
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Exgen Resources Inc.
[{"type":"text","content":"ExGen Announces Closing of Spark North Lithium Project Acquisition\n\n\n\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n VANCOUVER, British Columbia, March 14, 2025 (GLOBE NEWSWIRE) --\n \n ExGen Resources Inc.\n \n (TSX.V: EXG; OTC: BXXRF) (“\n \n ExGen\n \n ”, the “\n \n Company\n \n ”): Further to ExGen’s previous news release dated January 29, 2025, ExGen is pleased to announce that it has closed the acquisition (the “\n \n Acquisition\n \n ”) of the Spark North lithium project in Elko County, Nevada consisting of 111 claims totaling approximately 2300 acres prospective for lithium (the “\n \n Spark North Lithium Project\n \n ”) from an arm’s length private company (the “\n \n Vendor\n \n ”), subject to final approval of the TSX Venture Exchange. The Acquisition was completed pursuant to a purchase agreement dated January 21, 2025 (the “\n \n Purchase Agreement\n \n ”).\n \n\n Pursuant to the Purchase Agreement, the Company paid a total of CAD$250,000 cash consideration and issued to the Vendor 5,000,000 common shares in the capital of ExGen (“\n \n ExGen Shares\n \n ”). The ExGen Shares were issued with a standard statutory hold period that expires on July 13, 2025. ExGen also granted the Vendor a 1.5% net smelter royalty (“\n \n NSR\n \n ”) in favour of the Vendor, with a 0.75% NSR buyback (half of the NSR) at ExGen’s option for CAD $1,000,000. No finders fees were paid in connection with the Acquisition.\n \n\n\n ABOUT EXGEN RESOURCES\n \n\n INC.\n \n\n\n ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. The Company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 5 projects in Canada and the US.\n \n\n For more information on ExGen please contact:\n \n\n ExGen Resources Inc.\n \n Jason Tong\n \n Chief Financial Officer\n \n Email:\n \n\n [email protected]\n \n\n\...