Business
Anacott Announces Letter of Intent with Ramp Metals Inc.
Winnipeg, Manitoba--(Newsfile Corp. - March 3, 2023) - Anacott Acquisition Corporation (TSXV: AAC...
About this update from Ramp Metals Inc
[{"type":"text","content":"Anacott Announces Letter of Intent with Ramp Metals Inc.Winnipeg, Manitoba--(Newsfile Corp. - March 3, 2023) - Anacott Acquisition Corporation (TSXV: AAC.P) (the \"Company\" or \"Anacott\") is pleased to announce that it has entered into a Letter of Intent dated March 2, 2023 (the \"LOI\") with Ramp Metals Inc. (\"Ramp Metals\"), to enable Ramp Metals to complete a going-public transaction (the \"Transaction\"). There are no relationships between any Non-Arm's Length Party of Anacott and Ramp Metals or its assets and the Transaction will not be a Non-Arm's Length Qualifying Transaction (as defined in the policies of the TSX Venture Exchange (the \"Exchange\")). Upon completion of the Transaction, the combined entity (the \"Resulting Issuer\") will continue the business of Ramp Metals and the Resulting Issuer intends to be a Tier 2 Mining Issuer pursuant to the policies of the Exchange. The Transaction is subject to the approval of the Exchange.The LOI provides that it will be superseded and replaced with a definitive agreement that will contain customary covenants, representations, warranties and other terms for agreements of a similar nature.ABOUT RAMP METALS INC.Ramp Metals is a battery and base metal exploration company incorporated under the Business Corporations Act (British Columbia) with two flagship properties located in northern Saskatchewan. The management team is passionate about green field exploration and new technologies. The vision of Ramp Metals is to make the next big discovery required to fuel the green technology movement. The following is a description of the two flagship properties of Ramp Metals, Rottenstone SW and PLD:Rottenstone SWLocated in the Rottenstone domain, this land package is a series of properties along a regional NE-SW structure that is believed to be controlling the mineralization at the historic Rottenstone Mine, which produced 40,000 tons of high grade nickel-copper-platinum group elements plus gold (Ni-Cu-PGE +Au) ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t (Pt-Pd-Au). The team has recently retained the services of Axiom Exploration Group to complete an 800km airborne time domain electromagnetics (TDEM) geophysical survey and is expecting results shortly.PLD Located in the Peter Lake Domain (PLD) within the Swan River complex, the PLD target is interpreted as an eroded magma chamber that c...