Arctic Fox Ventures (AFX) has signed an agreement with Pipeline Capital Corp. to acquire 37 active mineral claims The 37 claims, which are located in the James Bay region of Quebec, are known as the Kana Lake Lithium Project, and consist of 2,100 hectares of land The terms of the agreement stipulate that the company will issue 12,000,000 common shares to the shareholders of Pipeline Arctic Fox Ventures Inc. is a junior mineral exploration company whose main focus is the Spius copper porphyry property located in British Columbia Arctic Fox Ventures Inc (AFX) was unchanged at $ 0.195 at 12:01 ET
Arctic Fox Ventures (AFX) has signed a definitive agreement with Pipeline Capital Corp. to acquire 37 active mineral claims.
The 37 claims, which are located in the James Bay region of Quebec, are known as the Kana Lake Lithium Project, consist of 2,100 hectares of land.
The terms of the agreement stipulate that the company will issue 12,000,000 common shares to the shareholders of Pipeline at price for common share equivalent to the closing price of the common shares of the company on the closing date.
In addition, the company will pay to the shareholders of Pipeline $ 50,000 on the closing date, $ 50,000 on the date that is 90 days from the closing date and $ 50,000 on the date that is 180 days from the closing date.
On closing the company will become the sole shareholder of Pipeline. It is currently anticipated that the closing date will occur on or before January 31, 2023.
“I am very pleased that we are able to close on the acquisition of what we view to be a very prospective lithium property in the James Bay region of Quebec,” said Harry Chew, President and CEO.
The acquisition will not constitute a change of business for the company.
The Kana Lake Lithium Project is located north of the Fliszar Lithium showing in the James Bay region of Quebec.
During a survey of the Kana Lake Lithium Project conducted by the Quebec Ministry (MERN), field geologists identified a pegmatite trend over 6 kilometres long with at least 10 pegmatite outcrops.
Arctic Fox Ventures Inc. is a junior mineral exploration company whose main focus is the Spius copper porphyry property located in the Nicola and New Westminster Mining Divisions, British Columbia.
Arctic Fox Ventures Inc (AFX) was unchanged at $ 0.195 at 12:01 ET.
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Arctic Fox Ventures (CSE:AFX) agrees to acquire Kana Lake Lithium Project