Business
Mason Resources Announces Strategic Investment in Sand Minerals, a Company Recently Launched by the Team of Arena Minerals
Toronto, Ontario--(Newsfile Corp. - October 29, 2024) - Mason Resources Inc. (TSXV: LLG) (OTCQB: ...
About this update from Transoceanic Investments Inc.
[{"type":"text","content":"Mason Resources Announces Strategic Investment in Sand Minerals, a Company Recently Launched by the Team of Arena MineralsToronto, Ontario--(Newsfile Corp. - October 29, 2024) - Mason Resources Inc. (TSXV: LLG) (OTCQB: MGPHF) (\"Mason\") is pleased to announce that on October 29, 2024, it made an investment of CAD $1 million (the \"Investment\") in Sand Minerals Inc. (\"Sand Minerals\"), a recently established private company. Sand Minerals was founded by William Randall and the former team of Arena Minerals Inc. (\"Arena\"), which was acquired by Lithium Americas Corp., in a CAD $311 million transaction. Members of this team were also part of Lithium-X Energy Corp., which was sold to NextView New Energy Lion Hong Kong Ltd. for CAD $265 million.Similar to the previous ventures of Arena and Lithium-X, Sand Minerals will be primarily focused on the acquisition and development of lithium brine projects in Argentina.Mr. Fahad Al-Tamimi, Chairman of Mason, commented: \"We couldn't be more excited to embark on this new venture with Will Randall and his highly respected and dynamic team, in the promising world of lithium. While North American investors have moved away from lithium investments, many parts of the world continue to see a rapid adoption of electric vehicles. We believe it is only a matter of time before the North American market catches up to other major economies, which will likely trigger another strong lithium cycle.\"Will Randall, Chief Executive Officer of Sand Minerals, commented: \"This is an opportune time to re-enter the lithium market. We are witnessing unprecedented demand for lithium, driven by the global transition to electric vehicles, renewable energy storage, and the broader push for a decarbonized future. The opportunities in this sector are vast, and we believe now is the time to strategically position ourselves to capitalize on these trends.\"Strategic Investment by Mason ResourcesMason has become a significant shareholder of Sand Minerals. In connection with the Investment, the Company entered into an investor rights agreement with Mason, pursuant to which Mason has been granted certain rights in the event it maintains minimum ownership thresholds in the Company. So long as Mason holds 10% of the issued and outstanding common shares on a non-diluted basis, it will have the right to designate (the \"Nomi...