Business
Pegmatite One Lithium Announces Amendment to Existing Option Agreement - Expanding Land Package and Extending Timeline for No Extra Compensation
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2023) - Pegmatite One Lithium and Gold Corp. (CSE: PGA) (formerly Madi Minerals Ltd.) ("Pegmatite One"
About this update from Pegmatite One Lithium And Gold Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 15, 2023) - Pegmatite One Lithium and Gold Corp. (CSE: PGA) (formerly Madi Minerals Ltd.) (\"Pegmatite One\" or the \"Company\") is pleased to announce it has entered into an amending agreement (the \"Amending Agreement\"), to substantial expand the land package optioned pursuant to the option agreement announced on August 10, 2023 (the \"Option Agreement\"). The parties to the Option Agreement agreed to include an additional 304 claims (for a total of 383 claims) and extend the option payment date from the 1st anniversary to the 3rd anniversary. The Amending Agreement significantly expands Pegmatite One's exploration area, which was obtained by the Company at no additional cost. This strategic advancement bolsters the Company's dedication to maximizing the potential of its exploration efforts in the vicinity of the Frazer Lake Mound Property, located in northwestern Ontario, Canada. Kelly Abbott, CEO of Pegmatite One, commented, \"Expanding our land package at no cost showcases our commitment to maximizing the potential of our exploration while maintaining fiscal responsibility. Our renewed approach to the previous acquisition highlights our dedication to transparent and value-driven practices.\" Pegmatite One is committed to offering transparency regarding the previous Option Agreement announced on August 10, 2023. With careful financial prudence, the Company was able to secure the option for those claims, and now expanded to a total of 383 claims without any up-front costs to the Company, avoiding work commitments, yearly payments and safeguarding shareholders from dilution by leaving the option with the Company if it chooses to exercise the option on these claims in the next three years. Importantly, no funds were spent, and no shares were issued for acquiring the option, only in the event the Company chooses to exercise this option in the future. The Option Agreement also does not mandate any minimum expenditure on the property for the duration of the option. Pegmatite One extends its appreciation to the supporting landowners recognizing their pivotal role in our exploration ventures. We value your contribution to our mission and the potential it holds for both our project and our shareholders. On Behalf of the Board of Directors, Pegmatite One Lithium and Gold Cor...