VANCOUVER, BC, March 16, 2023 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) ("EMP Metals" or the "Company") is pleased to announce subsidiary company Hub City Lithium Corp. ("HCL") has closed the sale of 33 sections (8,498 hectares) of undeveloped land in the Kindersley area to Grounded Lithium Corp. ("GLC").
As consideration for the sale, HCL received $175,000 in cash and 779,557 GLC common shares ("Shares") based on the 10-day volume-weighted average trading price of the Shares on the TSXV Venture Exchange as of the closing date. The Shares are subject to a contractual escrow, to be released in equal 1/3 tranches on the 4, 8, and 12-month anniversaries from closing.
Joint Venture
EMP Metals and ROK Resources Inc. ("ROK") (TSXV: ROK) jointly own HCL, holder of ~200,000 acres (~81,000 hectares) of mineral titles in Saskatchewan. EMP Metals has a seventy-five (75%) percent interest in HCL, with the balance owned by ROK.
About EMP Metals
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. EMP, in partnership with ROK Resources, currently holds ~200,000 acres (~81,000 hectares) of mineral titles in the Williston basin of Southern Saskatchewan. For more information, please go to the Company's website at www.empmetals.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. EMP Metals cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond EMP Metals' control. Such factors include, among other things: risks and uncertainties relating to EMP Metals' limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, EMP Metals undertakes no obligation to publicly update or revise forward-looking information.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE EMP Metals Corp.
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