Refined Metals Corp. is a junior mining company currently focused on the exploration and development of the Rose Property, a prospective, exploration stage silver-gold-copper-zinc property located near Kamloops, British Columbia
Refined Metals signs option agreement for Quebec Lithium Property. (Credit: Анатолий Стафичук from Pixabay)
Refined Metals Corp. (CSE: RMC) (OTC: RFMCF) (FRA: CWA0) (the “Company” or “Refined”) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) with Geomap Exploration Inc. (the “Vendor”), pursuant to which the Company has been granted the right to acquire an undivided 100% interest in and to 96 mining claims covering approximately 5,571 hectares of land, located in the Lac Simard region of Quebec, Canada (the “Property”). The Company intends to explore the Property to determine the extent, if any, of lithium mineralization.
Aman Parmar, interim CEO of Refined, comments, “The Option Agreement presents Refined with an excellent opportunity to acquire a prospective lithium property in a favourable mining jurisdiction.”
Pursuant to the terms of the Option Agreement, the Company has the option to acquire an undivided 100% interest in the Property from the Vendor, in consideration for completing a series of cash payments, issuances of common shares of the Company (“Common Shares”) and exploration expenditures on the Property.
Pursuant to the Option Agreement, at the option of the Company, the Company may accelerate any cash payments, Common Share issuances or expenditures required under the Option Agreement in order to acquire the Property. Upon the Company completing the cash payments, Common Share issuances, and funding the exploration expenditures on the Property set forth above, the Company will have earned an undivided 100% right, title and interest in and to the Property, and will grant the Vendor a 2% net smelter returns royalty on production from the Property, 1% of which may be repurchased by the Company for $1,000,000.
During the term of the Option Agreement, the Company will be the operator of the Property. Pursuant to the Option Agreement, the Company has granted the Vendor a right of first refusal with respect to the provision and completion of the exploration work on the Property required to be undertaken by the Company to acquire the Property, provided that the Vendor is qualified to do such work and charges reasonable, standard rates comparable to other professionals who have similar experience and qualifications.
All Common Shares issued to the Vendor pursuant to the Option Agreement will be subject to a statutory four month hold period pursuant to applicable Canadian securities laws.
Source: Company Press Release