TORONTO, March 25, 2021 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSXV: JOR) (“ Jourdan ” or the “ Company ”) is pleased to announce that on March 24, 2021, it exercised an option (the “ Option ”) to acquire a property known as the La Corne lithium property (“ LaCorne ”), which is adjacent to Jourdan’s other lithium mining properties located north of Val d’Or, Quebec. Please see the Company’s press release dated March 1, 2021, for more information about the Option, which is available on the Company’s SEDAR profile at www.sedar.com.
Pursuant to the option agreement effective March 1, 2021, Jourdan issued 1.5 million common shares of Jourdan (“ Common Shares ”) to the vendors of LaCorne. On March 1, 2022, Jourdan is required to make a final payment of C$100,000 in cash or, at Jourdan’s sole option, in Common Shares based on the greater of (A) $0.10 and (B) the 5-day volume weighted average price of the Common Shares on the TSX Venture Exchange (" TSXV ") for the period immediately prior to the date of issuance. A duly executed claim transfer form respecting the transfer to the Company of the claims comprising LaCorne is being held in escrow pending completion of the Company’s final payment.
The 1.5 million Common Shares issued as consideration for exercising the Option are subject to a statutory four month and one day hold period, expiring on July 25, 2021. The Company’s exercise of the Option is an arm’s length transaction for the purposes of the policies of the TSXV and qualifies as an “Expedited Acquisition” under TSXV Policy 5.3. Jourdan is not paying any finder’s fees in connection with the Option.
About Jourdan
Jourdan is a Canadian junior mining exploration company trading under the symbol “JOR” on the TSXV and “2JR1” on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s producing Quebec Lithium Mine. This mine is part of Contemporary Amperex Technology Co. Limited (CATL), China’s largest automotive battery manufacturer.
For more information:
www.jourdaninc.com
Rene Bharti, Chief Executive Officer and President
Email: ir@jourdanresources.com
Phone: (416) 861-1685
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
