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LIFT Closes Sale of 313 Claims in Quebec to Power Metallic Mines for $700,000 in Cash and 6,000,000 Shares
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2025) - Li-FT Power Ltd. ( TSXV: LIFT ) (...
About this update from Li-ft Power Ltd.
[{"type":"text","content":"LIFT Closes Sale of 313 Claims in Quebec to Power Metallic Mines for $700,000 in Cash and 6,000,000 SharesVancouver, British Columbia--(Newsfile Corp. - July 14, 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 Power Metallic Mines Inc. (TSXV: PNPN) for the sale of a 100% interest in 313 claims from the Rupert Project, Quebec.In consideration for the 313 claims, LIFT received: C$700,000 in cash on closing6,000,000 shares on closing, all of which are subject to a statutory hold period expiring on November 12, 2025, and ½ of which are subject to an additional contractual resale restriction ending on July 11, 2026, being the date which is 12 months from the closing.0.5% net smelter returns (NSR) royalty (no buyback provision)Figure 1 - Location of LIFT's Rupert Project along with the 313 claims being sold to PNPN.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8766/258676_b298443cc458b953_001full.jpgLIFT's 6,000,000-share position in Power Metallic Mines represents approximately 2.6% of Power Metallic's outstanding shares, with an estimated current market value of C$7 million. Francis MacDonald, CEO of LIFT comments, \"We are pleased to complete this transaction with Power Metallic Mines, which allows us to unlock value from our portfolio while maintaining exposure to future exploration success in the region. This sale strengthens our balance sheet and provides us with additional flexibility to advance our core projects. We look forward to seeing the progress Power Metallic will make on these claims.\" LIFT Announces DSU GrantLIFT announces that it has granted a total of 20,407 Deferred Share Units (\"DSU\") to certain independent directors of the Company in lieu of director fees for the second quarter, at a fair market value of C$2.51 per DSU. The DSUs were granted in accordance with the Company's Omnibus Share Incentive Plan, which was approved by shareholders on May 8th, 2025. Each DSU represents the right to receive one common share in the share capital of the Company. The DSUs vest one year from the grant date and are settled in accordance with the terms of the Company's Share Incentive Plan, a copy of which is available on the Company's SE...