Business
Planet Ventures to Acquire Additional Quebec Mineral Claims
(TheNewswire) August 10, 2023 – TheNewswire - Vancouver, B.C. – ...
About this update from Planet Ventures Inc
[{"type":"text","content":"Planet Ventures to Acquire Additional Quebec Mineral Claims\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n August 10, 2023 –\n \n \n TheNewswire -\n \n \n Vancouver, B.C.\n \n \n –\n \n \n Planet Ventures Inc.\n \n \n (\n \n \n TSXV:PXI)\n \n \n (the\n“\n \n \n Company\n \n \n ” or “\n \n \n Planet\nVentures\n \n \n ”)\n \n \n ,\n \n \n is pleased to announce that the Company has entered into a\nclaim sale agreement (the “\n \n \n Definitive Agreement\n \n \n ”) among the Company,\nWildwood Exploration Inc. (“\n \n \n Wildwood\n \n \n ”), Shawn Ryan (“\n \n \n Ryan\n \n \n ”), and Isaac\nFage (\n \n \n “Fage\n \n \n ”) pursuant to which the Company has agreed to purchase 413\nmineral claims located in the Province of Quebec (the “\n \n \n Pow Claims\n \n \n ”). It is\nanticipated that the Pow Claims will be held by the Company’s\nwholly-owned subsidiary, Planet Ventures Exploration Inc.\n(“\n \n \n Subco\n \n \n ”).\n \n \n \n \n As consideration for the Pow Claims, the Company has\nagreed to (i) pay Wildwood $125,000 in cash, and (ii) issue to Ryan\nand Fage, an aggregate of 1,000,000 common shares in the capital of\nthe Company (the “\n \n \n Consideration Shares\n \n \n ”). The Consideration\nShares will be subject to escrow conditions pursuant to which (i) 1/3\nof the Consideration Shares will be released from escrow four (4)\nmonths and a day after the date on which the Company acquires the Pow\nClaims (the “\n \n \n Closing\nDate\n \n \n ”), (ii) 1/3 of the Consideration Shares\nwill be released eight (8) months after the Closing Date, and (iii)\n1/3 of the Consideration Shares will be released twelve (12) months\nafter the Closing Date. Additionally, the Company will grant to Ryan,\na 1% net smelter return royalty on the Pow Claims.\n \n \n \n \n The transaction is at arms-length and expected to be a\nreviewable transaction pursuant to TSX Venture Exchange\n(“\n \n \n TSXV\n \n \n ”) Policy 5.3 –\n \n \n Acquisitions and Dispositions of Non-Cash Assets.\n \n \n \n \n ABOUT PLANET VENTURES\n \n \n \n \n Planet Ventures is an investment issuer listed on the\nTSXV that is focused on investing...