10:34 AM EDT, 07/26/2023 (MT Newswires) -- AmmPower Corp. (AMMP.CSE), a clean energy company focused on the production of green ammonia, overnight Tuesday announce the sale to Consolidated Lithium Metals Inc. (CLM.V) of 24 mineral claims representing 1,283 hectares of concessions in the James Bay/Eeyou Istche region of Quebec from a subsidiary of AmmPower (Subco).
As consideration for the acquisition, CLM paid aggregate consideration of $60,000 in cash and granted to AmmPower a 1% net smelter return royalty affecting the claims, which CLM has the option to repurchase at any time for $250,000.
Rene Bharti, the CEO and president and a director of CLM, is the president and minority shareholder of AmmPower, and a director and officer of Subco, and the three companies share office space. Ryan Ptolemy also serves as the chief financial officer of both CLM and AmmPower.