Vision Lithium Inc. has announced the arm’s length acquisition (the “Transaction”) of a 100% undivided interest in 40 contiguous mining claims in the province of Quebec, Canada, which, together with an additional 31 claims staked by the Company, will be collectively referred to as the Decelles property (the “Property”).
The Transaction was completed pursuant to the terms and conditions of a definitive property purchase agreement (“Purchase Agreement”) entered into between the Company, as purchaser, and Michèle Richard and Gabriel Béland, as vendors. Pursuant to the Purchase Agreement, Vision Lithium will pay to the vendors aggregate cash consideration of $10,000, issue a total of 250,000 common shares of the Company (the “Shares”), and will grant the vendors a 2% net smelter return royalty on the claims comprising the Property acquired from the vendors, one-half of which may be repurchased by the Company for $250,000 (the “NSR Royalty”).
The claims acquired from the vendors cover 2,315.5 hectares (23 km2) and, together with the claims staked by the Company, the Property comprises a total of 71 claims covering 4,109.7 hectares (41km2). Two additional claims staked by the Company have not yet been granted. The Property is located approximately 55 km south of Val-d’Or, Quebec and 75 km south-east of the Company’s Cadillac Lithium property. It is easily accessible year-round by way of well-maintained roads. Property prospecting in 2021 suggests the presence of numerous pegmatitic dikes. No historical exploration for lithium is recorded.
Source:batteryindustry
