2017-10-24 19:16 ET – News Release
See News Release (C-PWM) Power Metals Corp
Mr. Johnathan More of Power Metals reports
Power Metals Corp. has received TSX Venture Exchange approval to the transaction with MGX Minerals Inc. announced on Sept. 22, 2017. Pursuant to a definitive agreement entered into between the company and MGX, the company has disposed all of its U.S. petrolithium brine assets to MGX. The company has also granted MGX the right to acquire a 20-per-cent working interest in all of the company’s current hard rock assets and future assets that the company acquires for a period of 36 months. Additionally, MGX has the right to purchase an additional 15-per-cent working interest of the company’s hard rock assets for a period of 36 months for total consideration of $10-million, payable in cash. As part of the transaction, MGX will receive 10 million share purchase warrants of the company, each warrant entitling MGX to acquire on common share of the company at a price of 65 cents per share until Sept. 18, 2020. In consideration for the share purchase warrants, MGX will issue to the company, in stages, three million common shares of MGX.
About Power Metals Corp.
Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. The company is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals, including zeolites. It sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean technology industries.
We seek Safe Harbor.
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