Vancouver, British Columbia–(Newsfile Corp. – July 6, 2022) – Infinity Stone Ventures Corp. (CSE: GEMS) (OTC Pink: TLOOF) (FSE: B2I) (the “Company” or “Infinity Stone“) is pleased to announce, further to its news release dated June 24, 2022, that it has entered into a property option agreement (the “Option Agreement“) with Quartier Minerals Inc. (“Quartier“) to acquire up to a 100% interest in and to the Galaxy Pegmatite Project located near Mont-Laurier, Quebec (the “Project“).
Pursuant to the Option Agreement, the Company will acquire a 100% interest in and to the Project upon:
- paying $50,000 to Quartier (completed);
- issuing 500,000 Class A Subordinate Voting Shares of the Company (“Shares“) to Quartier within thirty (30) days of the execution date (the “Execution Date“) of the Option Agreement;
- paying $100,000 to Quartier on or before the first anniversary of the Execution Date;
- issuing 500,000 Shares to Quartier on or before the first anniversary of the Execution Date;
- incurring $100,000 in exploration expenditures on the Project on or before the first anniversary of the Execution Date; and
- incurring an additional $200,000 in exploration expenditures on the Project on or before the second anniversary of the Execution Date.
Upon the Company acquiring the Project, Quartier will retain a 2.5% net smelter returns royalty (the “NSR“) over production from the Project, subject to the Company’s right to repurchase 1% of the NSR for $1,500,000.
A recent field survey of the Project site recovered a sample of lithium bearing Spodumene. The Company intends to conduct further exploration of the Project in the coming weeks.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130047
Powered by WPeMatico