In a strategic move, Infinity Stone Ventures Corp. (CSE: GEMS) has entered a definitive agreement with Galan Lithium Ltd. and Redstone Resources Ltd. for the sale of its Taiga, Hellcat, and Camaro properties situated in Quebec’s James Bay lithium district. The deal, valued at $500,000 in cash and 250,000 shares of Galan, will enhance the company’s liquidity, fortifying its position in the market.
As part of the agreement, an arm’s-length third party will receive 225,000 Galan shares as a finder’s fee, underlining the collaborative nature of the deal. Additionally, Infinity Stone will be granted a 2% net smelter royalty from mineral production on select claims, with an option for the purchasers to repurchase 1% for $1 million.
This divestment allows Infinity Stone to sharpen its focus on its other promising exploration endeavors, including the Zen-Whoberi project in Ontario. The transaction, slated for completion by October 5, 2023, is contingent on meeting conditions outlined in the agreement, as well as obtaining the necessary regulatory and stock exchange approvals.
In tandem with the sale of the Taiga property, Infinity Stone has extended an exclusive three-month option to acquire the company’s rights to the PAK South and PAK Southwest properties in Ontario. This option provides flexibility to the purchasers, who can exercise it at their discretion, illustrating a collaborative approach to business.
Simultaneously, the company announced the resignation of Mr. Case Lewis from its board of directors. His contributions to the company are deeply appreciated, and his departure comes on amicable terms.
With this strategic move, Infinity Stone Ventures Corp. reinforces its commitment to becoming a key player in the clean energy revolution, ensuring a sustainable and prosperous future for all.
Tags: mining, penny stocks, small cap stock, small caps