Quinto Resources Sold Its Interests In The Monster Lake Property
GlobeNewswire - Fri Sep 4, 4:00PM CDT
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Quinto Resources Inc. ("Quinto") (TSXV:QIT.VN) is pleased to announce that it has entered into a property acquisition agreement dated August 12, 2020 with Tomagold Corporation ("Tomagold") (TSXV:LOT.VN), and would also like to provide an update with respect to the purchase of all issued and outstanding shares of Verdelite Sciences, Inc. ("Verdelite Sciences") and Verdelite Property Holdings, Inc. ("Verdelite Property").
Monster Lake Property
Tomagold acquired the 2.5% interest held by Quinto in the Monster Lake property for a cash payment of $250,000 and the return of 750,000 shares of Quinto held by TomaGold. The closing of the transaction took place on August 26, 2020.
Purchase of Verdelite Sciences and Verdelite Property
On August 11, 2020 Quinto announced the execution of a share purchase agreement among Emerald Health Therapeutics, Inc. ("Emerald") (TSXV: EMH; OTCQX: EMHTF) and itself dated July 30, 2020 (the "Agreement") regarding the sale of all of the issued and outstanding shares of Verdelite Siences and Verdelite Property (the "Transaction").
The parties were not able to close on or before August 31, 2020 as stated in the previous press release, nevertheless, they are currently working together towards the purpose of closing the Transaction in a timely fashion at an early date, subject to the TSX Venture Exchange's (the "TSXV") approval.
Quinto will require the approval of its shareholders to complete the Transaction and will call a shareholder meeting, subject to the TSXV approval.
A further press release will be disseminated upon closing of the Transaction in accordance with the policies of the TSXV.