Vancouver, British Columbia--(Newsfile Corp. - April 26, 2023) - PowerStone Metals Corp. (CSE: PS) (FSE: W0R) ("PowerStone" or the "Company") is pleased to announce that the Company has appointed Red Cloud Securities Inc. ("Red Cloud") as its financial advisor to provide the Company with a range of capital markets and M&A advisory services. Red Cloud is a Toronto-based investment bank and financial services company that assists mineral exploration and mining companies in accessing the capital markets and enhancing their corporate profile.
Pursuant to the terms of the engagement, Red Cloud will be issued 400,000 common shares of the Company (the "ConsiderationShares"). The Consideration Shares shall be subject to trading restrictions such that 1/2 of the Consideration Shares shall be released on the 4thmonth anniversary of the issue date and the balance in equal increments on the 8th and 12th month anniversary of the issue date.
In certain circumstances, additional services may be provided to the Company by Red Cloud and additional contingent consideration for such services may be applicable. The engagement of Red Cloud and the issuance of the Consideration Shares are subject to Canadian Securities Exchange (the "CSE") approval.
About Red Cloud
Red Cloud is registered as an Investment Dealer in Ontario, Quebec. Alberta and British Columbia and is a member of the Investment Industry Organization of Canada (IIROC). Part of Red Cloud's business is to connect mineral exploration and mining companies with suitable investors. For additional information about Red Cloud visit www.redcloudfs.com.
About PowerStone
PowerStone is a mineral exploration company focused on the identification and exploration of high-quality critical metals assets, in favorable mining jurisdictions, to help meet the increasing demand of metals required for the transition to a green economy. PowerStone is currently exploring the Chilton Cobalt Property, a prospective cobalt asset located in Quebec, Canada. The Company may also evaluate the acquisition of other mineral exploration assets and opportunities. For more information, please visit www.powerstonemetals.com.
Contact Information
Raymond Harari
Chief Executive Officer, PowerStone Metals Corp.
e: rdh@canaliscapital.com
t: 507-6675-2221
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information. Although PowerStone's management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements or information contained herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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