Financial News

International Metals Completes Acquisition of Lithium Plus

International Metals Mining Corp.
  

Vancouver, BC - TheNewswire - June 21, 2023 - International Metals Mining Corp. (“Company”) (TSXV:IMM) (OTC:CYNXF) (FSE:C2YD) is pleased to announce that it has acquired ‎(“Acquisition”)‎ all the issued and outstanding common shares (“Lithium Plus Shares”) of Lithium Plus Mining Corp. (“Lithium Plus”) pursuant to a share exchange agreement dated May 4, 2023 (“Share Exchange Agreement”) between the Company, Lithium Plus, and the shareholders of the Lithium Plus (“Vendors”).  “This is an exciting opportunity for the Company to showcase its commitment to becoming a prominent explorer of strategic metals in one of the most significant mining jurisdictions in the world”, commented Brian Thurston, Chief Executive Officer of the Company. “Already having two significant copper-gold porphyry targets in Peru, I am pleased that we have now completed this acquisition and added this extensive land package in Brazil’s highly prospective ‘Lithium Valley’ to our growing portfolio. The newly acquired ground has the potential to host multiple hard rock lithium discoveries.”

 

In connection with the Acquisition, the Company issued 12,000,000 common shares in the capital of the Company (“Shares”) to the Vendors.  The Company notes that approximately 10.6% of the Lithium Plus Shares were held by Non-Arm’s Length Parties (as defined in the Policies of the TSX Venture Exchange) and that the transaction was approved by a majority of the Company’s disinterested shareholders.

 

Lithium Plus has the option (“Option”) to acquire a 65% interest (“65% Interest”) in and to certain mining claims in the state of ‎‎Minas Gerais, ‎Brazil, pursuant to the terms of an option agreement dated April 23, 2023 with Spark Energy Minerals Inc‎. (“Spark”). In order to exercise the Option and acquire the 65% Interest, the Company must:‎

 

(a) ‎pay $100,000 in cash to Spark immediately;‎

(b) ‎pay $500,000 to Spark by April 23, 2024;‎

(c) ‎conduct an exploration work program incurring at least $500,000 in expenditures by April 23, 2024; and

(d) conduct an exploration work program incurring at least $1,000,000 in ‎expenditures ‎by April 23, 2025.‎

 

The Company is relying on the non-reporting issuer exemption from the formal take-over bid ‎requirements as set out in section 4.3 of National Instrument 62-104 Take-Over Bids and Issuer ‎Bids. Lithium Plus is not a reporting issuer, there is no published market for the Lithium Plus Shares, and the number of holders of the Lithium Plus Shares is less than 50.

 

More information regarding the Acquisition can be found in the Company’s May 9, 2023, press release announcing the Share Exchange Agreement.

 

Qualified Person

Brian Thurston, P.Geo., and a “Qualified Person”, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical and scientific content of this news release.

 

About International Metals Mining Corp.

International Metals Mining Corp. is a Canadian company engaged in the acquisition, exploration, and development of mineral properties focusing on battery metals and mineral assets. The Company has acquired assets in some of the world’s most prolific mining jurisdictions with a copper-gold porphyry property in Peru and now with a very prospective lithium property in Brazil’s ‘Lithium Valley’.

International Metals Mining Corp.

Per: “Brian Thurston”

 

Brian Thurston

President and CEO

 

Tel: +1 778 928-6565

 

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

 

Copyright (c) 2023 TheNewswire - All rights reserved.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback