ARCTIC FOX LITHIUM CORP. Arctic Fox Ventures Inc. announced that, further to its previous press release dated January 12, 2023, the Company has entered into a Definitive Agreement with Pipeline Capital Corp. (Pipeline) to acquire 37 active mineral claims located in the James Bay region of Quebec. The 37 mineral claims known as the Kana Lake Lithium project consists of 2,100 hectares of land.
Under the terms of the Agreement the Company will issue 12,000,000 common shares to the shareholders of Pipeline at price for common share equivalent to the closing price of the common shares of the Company on the closing date. In addition, the Company will pay to the shareholders of Pipeline $50,000 on the closing date, $50,000 on the date that is 90 days from the closing date and $50,000 on the date that is 180 days from the closing date. On closing the Company will become the sole shareholder of Pipeline.
It is currently anticipated that the closing date will occur on or before January 31, 2023.
