TORONTO, Oct. 19, 2023 /CNW/ - Voltage Metals Corp. ("Voltage" or the "Company") (CSE: VOLT) (OTC: VLTMF) is pleased to announce that it has entered into an option agreement (the "Option Agreement") dated October 16, 2023, with Plethora Green Energy Corp. ("Plethora"), pursuant to which the Company granted Plethora an option (the "Option") to acquire 100% beneficial and legal interest in the Company's mineral claims located in St. Laurent Township, in Ontario (the "Property").
In order to exercise the Option in full, and thereby acquire the Property, Plethora shall complete the following option payments to the Company: (i) on or before the date that is five (5) days from October 27, 2023 (the "Effective Date"), a cash payment in the amount of $100,000; (ii) on or before the date that is twelve (12) months from the Effective Date, a cash payment in the amount of $200,000; (iii); on or before the date that is twenty-four (24) months from the Effective Date, a cash payment in the amount of $200,000; and (iv) on or before the date that is thirty-six (36) months from the Effective Date, a cash payment in the amount of $400,000.
Pursuant to the Option Agreement, the Company is granted a 1.5% net smelter royalty interest in the Property in perpetuity (the "Royalty"), subject to repurchase rights exercisable by Plethora in its sole discretion. For the price of $1,000,000, Plethora may reduce the Royalty to a 0.5% net smelter royalty interest and, for the further price of $1,000,000, may fully eliminate the Royalty.
In addition, the Company is pleased to announce that it has entered into a share purchase agreement (the "Share Purchase Agreement"), with Stichting Legal Owner Plethora Private Equity ("Stichting") dated October 18, 2023, pursuant to which Stichting shall acquire 80,000 common shares in the capital of Carolina Rush Corporation (the "Rush Shares") and 800,000 common shares in the capital of Mink Ventures Corporation (the "Mink Shares" and together with the Rush Shares, the "Purchased Shares") from the Company. As consideration for the Purchased Shares, the Company shall receive an aggregate of $132,000. The transaction contemplated by the Share Purchase Agreement is anticipated to close on October 27, 2023.
About Voltage
Voltage is a critical metals exploration and development company focused on Canadian projects near existing or past-producing mines.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Voltage Metals Corp.
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