ROUYN-NORANDA, QC, Oct. 26,
2023 /CNW/ - Comet Lithium Corporation
(TSXV: CLIC) (FRANKFURT: 8QY) ("Comet Lithium" or
the "Company") is pleased to announce the appointment of
Mr. Vincent Metcalfe as a director of the Company and
Executive Chairman of the board of directors, the appointment of
Mr. Vincent Cardin-Tremblay as Vice President, Exploration of
the Company, as well as that Mr. Joseph de
la Plante has been engaged as a strategic advisor to the
Company.
All three of these new members previously founded and worked in
the precious metal's royalty space at Nomad Royalty Company Ltd.
("Nomad Royalty"), which was subsequently acquired by Sandstorm
Gold Ltd. in an all-stock transaction valued at approximately
$755 million in August 2022.
Vincent Metcalfe is an
accomplished executive with domestic and international experience
in the metals and mining sector. Mr. Metcalfe was one of the
founders and was the CEO and Chair of the Nomad Royalty which was
acquired by Sandstorm in August 2022.
Prior to his involvement with Nomad Royalty, Mr. Metcalfe held a
number of officer and senior executive roles with Toronto Stock
Exchange and New York Stock Exchange listed resource companies
within the Osisko group of companies. As an executive, he helped
several companies advance and develop mining projects. He has
extensive shareholder relations and proven experience in capital
raising, mergers & acquisitions and financial engineering.
Prior to his executive roles, he advised resource clients, in both
mergers & acquisitions advisory and financing at large Canadian
investment banks for nearly 10 years. Mr. Metcalfe holds a
Bachelor's degree in Finance from HEC Montreal. In 2023, Vincent
was awarded with the YMP Peter Munk award, which recognizes a young
mining professional, who over the past year, and during their
careers, have demonstrated exceptional leadership skills and
innovative thinking to provide value for their companies and
shareholders.
Vincent Cardin-Tremblay, P. Geo,
is an accomplished geologist who will bring extensive national and
international experience in exploration and mine geology operating
in the Americas and Africa to
Comet Lithium. Mr. Cardin-Tremblay was Vice President, Geology for
Nomad Royalty. Prior to joining Nomad Royalty, he was Vice
President, Geological Services at Harte Gold. Prior to that, he
worked as Director, Exploration and Geology at Golden Star
Resources Inc. and Geology Superintendent at the Rosebel mine in
Suriname for IAMGOLD. Mr. Cardin-Tremblay also worked for
Freeport-McMoRan, and for Glencore at the Matagami and Raglan mines. He holds a B.Sc. in
Geology from Université du Québec à Montréal. He is also a member
of the board of directors of l'Association de l'exploration
minière du Québec.
Joseph de la Plante is an
accomplished executive with public company experience in all
aspects of the mine development cycle and is a Partner of Nomad
Resource Partners Inc. Mr. de la Plante was one of the founders and
was the Chief Investment Officer and a director of the Nomad
Royalty. Prior to his involvement with Nomad Royalty, Mr. de la
Plante played a key role in the creation of Osisko Gold Royalties
Ltd. where he led the execution of more than $1 billion in financing equity, royalty and
stream transactions and two major transactions in his role as Vice
President of Corporate Development. Prior thereto, he was with
Osisko Mining Corporation through the development, operation and
subsequent $4.3 billion sale of the
Canadian Malartic mine in 2014 to Yamana Gold and Agnico Eagle
Mines Ltd. Prior to his executive roles, Mr. de la Plante advised
resource clients in both mergers & acquisitions and financing
at BMO Capital Markets. Mr. de la Plante currently serves on the
Board of Directors of Doré Copper Mining Corp. Mr. de la Plante
holds a Bachelor's degree in Mechanical Engineering from
McGill University.
Mansoor Jan, Comet's Interim CEO
and President stated: "We are very pleased and excited with the
addition of Messrs. Metcalfe, de la Plante and Cardin-Tremblay to
the Comet Lithium team, they are bringing collectively to Comet
Lithium a depth of experience and knowledge in, all areas of
exploration and mining, project management and development and
investor engagement, and M&A which Comet Lithium and its
shareholders will greatly benefit from. These new additions will
help make Comet Lithium stand out in the prolific lithium discovery
area in James Bay region of
Québec."
Vincent Metcalfe, Comet's
Executive Chair and Director stated: "This is an exciting new
chapter for Comet. We are excited to work with the Comet team to
increase shareholder value by supporting the development of Liberty
and its other land holdings. We aim to put to work our in-depth
knowledge of the Quebec sector and
global network to the benefit of Comet's shareholders."
The Company also announces that it has entered into an agreement
dated October 25, 2023 to acquire a
100% interest in two lithium exploration stage mineral properties
(the "Properties") from Nomad Resource Partners Inc. ("Nomad
Resource Partners") pursuant to an asset purchase and sale
agreement (the "Purchase Agreement"). Located in the west-central
Eeyou Istchee Baie-James Territory in northern Québec adjacent to
the Li-FT Power Ltd. ("Li-FT") Pontax Project. The newly acquired
Properties consists of 76 mining claims within an active hard rock
lithium district. The James Bay
region is now one of Canada's
best-known regions for lithium with several known deposits,
numerous spodumene showings, and a continuous array of new
discoveries. The Properties are made up of 32 claims comprising the
Pontax South property and 44 claims comprising the Pontax East
property. The consideration for the acquisition of the Properties
will be paid by the issuance of 1,850,000 common shares of the
Company (the "Consideration Shares") to Nomad Partners upon closing
the proposed transaction (the "Proposed Transaction").
The Properties are well situated near Li-FT's Pontax Project
which contains the most extensive lithium anomaly within Li-FT's
projects in the Province of Québec (source:
https://www.li-ft.com/projects/pontax/). The Properties are highly
accessible as the area is four kilometres from the James Bay Road
(Route Billy-Diamond Highway) which is maintained year-round and
offers one of the only routes into the James Bay region of Québec.
The Proposed Transaction is being conducted on an arm's length
basis and no finder's fee are payable in connection therewith.
Messrs. Metcalfe, de La Plante and Cardin-Tremblay are the
principal of Nomad Resource Partners. The Purchase Agreement is
subject to regulatory approval, including that of the TSX Venture
Exchange. The closing of the Proposed Transaction is expected to
occur on or about November 1, 2023.
The Consideration Shares will be subject to a resale restriction
period of four months and one day.
Qualified Person
Martin Demers, P. Geo (ogq #770,
APEGNB L5980, PGO #3785), registered in the Provinces of Québec,
New-Brunswick, and Ontario a consultant to Comet Lithium, is a
qualified person under National Instrument 43‑101 - Standards of
Disclosure for Mineral Projects. He has reviewed the technical
contents of this news release and has approved the disclosure of
the technical information contained herein.
About Comet Lithium
Comet Lithium is a dynamic lithium-focused exploration company
active in the prolific James Bay
District of Quebec. Comet
Lithium's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina deposit, a growing
high-grade discovery. Comet Lithium is advancing Liberty to
first-ever drilling, with the aim to deliver long-term value for
its stakeholders.
About Nomad Resource
Partners
Nomad Resource Partners was founded in 2022 to act on
opportunities in the metals & mining sector. The team, composed
of three Partners, Vincent Metcalfe,
Joseph de la Plante and Vincent Cardin-Tremblay, aims to create,
incubate, and optimize vehicles globally and across the entire
spectrum of commodities. The focus is on finding, operating,
financing and unlocking value of projects with
world-class potential.
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet Lithium, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the closing of the
Proposed Transaction and what benefits Comet Lithium will derive
from the Properties. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Comet Lithium's control. These
risks, uncertainties and assumptions include, but are not limited
to the risk that that the Proposed Transaction may not receive TSX
Venture approval, as well those risks, uncertainties and
assumptions described under "Financial Instruments" and "Risk and
Uncertainties in Comet Lithium's Annual Report for the fiscal year
ended December 31, 2022, a copy of
which is available on SEDAR+ at www.sedarplus.ca, and could cause
actual events or results to differ materially from those projected
in any forward-looking statements. Comet Lithium does not intend,
nor does it undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
SOURCE Comet Lithium Corp.