Petrolympic Completes Basserode and Fournière Lithium Property Acquisition
22 September 2022 - 3:31AM
Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company” or
“Purchaser”) is pleased to announce that the TSX Venture Exchange
(“TSX-V”) has accepted for filling the documentation pertaining to
a purchase agreement previously announced July 26th, 2002. Pursuant
to the TSX-V approval the Company and the vendors have amended the
terms of the purchase agreement (“Amended Agreement”) to acquire
the Basserode Lithium and Fournière Lithium properties in the
emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue
region, southwest of Val d’Or, Quebec.
Both Properties are covered by a network of
trails and logging roads allowing for good access and effective
exploration with reduced exploration costs.
The Basserode and Fournière Properties lie
within the rapidly emerging Cadillac-Pontiac lithium belt, where
large properties have recently been assembled by companies such as
Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration
Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd.,
NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and
Winsome Resources Inc.
The Properties are nested in a highly favourable
geological context for lithium exploration in the geological
Pontiac Sub-province, which is located south of the Abitibi
Greenstone Belt and is bounded by the Larder Lake-Cadillac
Deformation Zone to the north and by the Grenville Front to the
south.
As part of the original agreement the Vendor was
to receive 500,000 common share purchase warrants (“Warrants”)
conditional on the completion of a future flow-through financing
and subject to the terms of such financing. The Amended Agreement
states that the 500,000 Warrants to be issued shall be exercisable
to purchase one common share of the Purchaser at a price not less
than $0.07 per common share.
For further information please contact:
Mendel Ekstein - President
82 Richmond St EastToronto, ON M5C 1P1Tel. 845-656-0184 Fax
845-231-6665
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or incorporated by
reference in this press release, including any information
regarding the proposed acquisition, constitutes “forward-looking
statements”. All statements, other than statements of historical
fact, are to be considered forward-looking statements.
Forward-looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
geological and competitive uncertainties and contingencies.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guaranteeing of future performance. Known
and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements. Such
factors include but are not limited to: economic and global market
impacts of the COVID-19 pandemic, fluctuations in market prices,
exploration and exploitation successes, continued availability of
capital and financing, changes in national and local government
legislation, taxation, controls, regulations, expropriation or
nationalization of property and general political, economic, market
or business conditions. Many of these uncertainties and
contingencies can affect our actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance and, therefore, readers are advised to rely on
their own evaluation of such uncertainties. All of the
forward-looking statements made in this press release, or
incorporated by reference, are qualified by these cautionary
statements. We do not assume any obligation to update any forward
looking statements.
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