Business
Vertical Exploration Secures 100% Ownership of the St-Onge Wollastonite Project
VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / VERTICAL EXPLORATION INC. (TSXV:VERT) ("Vert...
About this update from Vertical Exploration Inc.
[{"type":"text","content":"Vertical Exploration Secures 100% Ownership of the St-Onge Wollastonite ProjectVANCOUVER, BC / ACCESSWIRE / October 13, 2021 / VERTICAL EXPLORATION INC. (TSXV:VERT) (\"Vertical\" or \"the Company\") is pleased to report that the Company has now completed the final payment installment of the option agreement for its St-Onge Wollastonite property, located in the Lac-Saint-Jean area in the Province of Quebec. With the final payment having now been made to the vendor, Frederic Bergeron, the Company has successfully secured 100% ownership of the fully permitted St-Onge project. All of the claims and quarry permits received from the Government of Quebec for the St-Onge Wollastonite property will now be transferred to Vertical. The vendor retains a 2% net smelter royalty (of which 1% can be purchased by the Company for $1 million), and also retains a $5-per-tonne royalty for the first 1 million tonnes and a $1-per-tonne royalty for the remaining tonnage.Peter P. Swistak, President/CEO of Vertical Exploration Inc., commented: \"Securing all official quarry permits from the Government of Quebec and assuming full ownership of the world-class St-Onge project has been our top two goals since inception. With both of these key milestones having now been successfully achieved, the Company is quickly moving ahead to become one of the top tier producers of premium Wollastonite in North America. I am also pleased to report that with the recent completion of our $1.76 M private placement, the Company is already moving forward with mobilizing equipment on the St-Onge property in order to further develop and enhance the quarry site for ongoing production. We are now another key step along the path towards supplying the North American agricultural and gardening markets with our premium natural Wollastonite product.\"ABOUT VERTICAL EXPLORATIONVertical Exploration's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company's flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.ON BEHALF OF THE BOARDPeter P. Swistak, President/CEOFOR FURTHER INFORMATION PLEASE CONTACT:Telephone: 1-604-683-3995Toll Free: 1-888-945-4770Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in...