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Li-FT Closes Acquisition of 100% Interest in the DeStaffany, LDG & Mackay Lithium Projects, NWT, Canada
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - Li-FT Power Ltd. ( TSXV: LIFT ...
About this update from Li-ft Power Ltd.
[{"type":"text","content":"Li-FT Closes Acquisition of 100% Interest in the DeStaffany, LDG & Mackay Lithium Projects, NWT, CanadaVancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF) (FSE: WS0) (\"LIFT\" or the \"Company\") is pleased to announce that it has closed the previously announced definitive agreement with North Arrow Minerals Inc. (TSXV: NAR) to acquire a 100% interest in the DeStaffany, LDG, and Mackay Lithium Projects, located in the Northwest Territories, Canada.Francis MacDonald, CEO and Director of LIFT, commented, \"We are excited to close this acquisition with North Arrow and get on the ground this year to further evaluate the additional DeStaffany Lithium pegmatite dykes within our Yellowknife Lithium Project area with the intention of growing our Lithium resource base.\"Under the terms of the agreement, LIFT acquired all rights, title, and interest in the, DeStaffany, LDG and Mackay Lithium Projects (represented by 14 mineral claims and six leases) in exchange for the issuance of 250,000 common shares of LIFT to North Arrow Minerals, which are subject to a statutory four month hold period expiring May 24, 2025. The acquisition also includes the transfer of associated reclamation bonds, ensuring responsible environmental stewardship as these projects are developed, of which LIFT will make a post-closing cash reimbursement of approximately CAD $47,500 to North Arrow related to the reclamation bond for the DeStaffany Lithium Project.Figure 1 - Location of NAR's DeStaffany, LDG & Mackay Lithium Projects along side LIFT's Yellowknife Lithium Project. The pegmatites are located to the east and the northeast of the city of Yellowknife.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8766/238226_b9cf595f04903bbb_001full.jpg The DeStaffany mining claims are subject to a 2% gross overriding royalty of which one-half (1%) may be repurchased at anytime on payment of CAD $2,000,000 to the royalty holder. In addition, the LDG project is subject to a 2% gross overriding diamond royalty, and the lease forming a part of the LDG project is also subject to a 2% net smelter returns royalty. Both of those royalties contain buy-back provisions for one-half (1%) through payments to the royalty holder of CAD $2,000,000 and CAD $3,000,000 resp...