Infinity Stone to sell three James Bay properties to focus on exploration projects
https://www.paidpromotionalmessages.com.au/companies/news/1028645/infinity-stone-to-sell-three-james-bay-properties-to-focus-on-exploration-projects-1028645.html Infinity Stone Ventures Corp (CSE:GEMS, OTC:GEMSF) said it has reached a deal to sell its Taiga, Hellcat and Camaro properties in Quebec’s James Bay lithium district to Galan Lithium Ltd (ASX:GLN) and Redstone Resources Ltd.
In a statement, the company said the sale will strengthen its cash position and allow it to focus on its other exploration projects, including the Zen-Whoberi project in Ontario.
Under the definitive agreement to sell its rights, title and interest in the three properties, Infinity Stone said it will receive $500,000 in cash and 250,000 shares of ASX-listed Galan, of which 225,000 shares will be paid to an arms-length third party as a finder's fee.
Additionally, it said the buyers will grant it a 2% net smelter return royalty on production on certain of the claims, 1% of which may be bought back by the purchasers for $1 million.
The transaction is expected to close on or about October 5, 2023, subject to the satisfaction or waiver of all conditions set out in the agreement, as well as regulatory and stock exchange approvals.
In addition to the sale of the Taiga property, Infinity Stone said it has also granted the buyers a three-month exclusive option to acquire the PAK South and PAK Southwest properties in Ontario in return for $20,000 in cash, payable upon signing the agreement, and either an additional cash payment of $200,000 or shares in Galan worth $230,000, based on the five-day volume-weighted average closing price of the stock on the ASX at the time the option is exercised.
The company also announced that Case Lewis has stepped down from its board of directors.