MiningNewsBreaks — Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) (FSE: HF2) Issues 100K Shares to Fulfill Mineral Property Option Agreement
Reflex Advanced Materials (CSE: RFLX) (OTCQB: RFLXF) (FSE: HF2), a mineral exploration company, has issued 100,000 common shares to fulfill its obligations to date outlined in a mineral property option agreement. According to the announcement, the issue of shares is in connection with the Sept. 1, 2021, agreement, which is between the company and Alex Pleson and which gives Reflex Advanced Materials the sole and exclusive right to acquire up to a 100% interest in the Zigzag lithium property. The ZigZag lithium property includes eight mining claims comprising an estimated 2,710 hectares near Crescent Lake, Ontario, a region known for its highly prospective lithium deposits. The company noted that, under the terms of the agreement, the company must pay the optionor a total of $250,000, issue a total of 500,000 common shares and incur a minimum of $310,000 in aggregate exploration expenditures on or before August 3, 2024, in order to exercise the option. When these steps have been completed, Reflex Advanced Materials will acquire a 100% interest in the property, subject to a 3% net smelter royalty.
The announcement provided an update of what the company has already completed in order to obtain the interest in the property. “The company has the right to carry over excess expenditures incurred in one period to a subsequent period, and may accelerate cash and expenditure obligations in order to acquire its interest in the property in a shorter period of time than as set out in the property agreement and may at any time accelerate the exercise of the option by paying to the optionor an amount of funds equal to the remaining amount of expenditures and cash to exercise the option at the time of such payments,” the announcement stated. “The 2023 shares, having recently been issued to the optionor, are subject to a statutory hold period expiring Dec. 17, 2023, being the date that is four months and one day from the date of issuance.”
To view the full press release, visit https://ibn.fm/JiLhi
About Reflex Advanced Materials Corp.
Reflex Advanced Materials is a mineral exploration company based in British Columbia. Its objective is to locate and, if warranted, develop economic mineral properties in the strategic metals and advanced materials space. The company is focused on improving domestic specialty mineral infrastructure efficiencies to meet surging national demand by North American manufacturers. The company is working to advance its Ruby Graphite Project, located in Beaverhead County, Montana, and ZigZag Property, located in Thunder Bay Mining Division, Crescent Lake Area, Ontario. For more information about the company, visit www.ReflexMaterials.com.
NOTE TO INVESTORS: The latest news and updates relating to RFLXF are available in the company’s newsroom at https://ibn.fm/RFLXF
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