Forge Resources Corp. exercising the option to acquire an additional 20% stake in Aion Mining Corp. for CAD 2.3 million.

Forge Resources Corp. (CNSX:FRG) exercising the option to acquire an additional 20% stake in Aion Mining Corp. for CAD 2.3 million on April 23, 2025.

Upon the completion of the Proposed Transaction the Company will own 80% of common shares of Aion. In consideration, the Company will pay an aggregate amount of CAD 2.3 million to the Shareholders, pro rata based on their Share ownership consisting of 1,741,804 common shares of the Company at a deemed price of CAD0.91 per share, subject to CSE policies; and CAD 0.7 million paid via the issuance of an unsecured interest-bearing promissory note to each Shareholder. Each promissory note will bear interest at a rate of 6.5% calculated annually; and mature on the earlier of the following: the two-year anniversary of the promissory note; or the completion date of one or more hard dollar financings by the Company for aggregate gross proceeds of at least CAD 3 million.

The Agreement and the Proposed Transaction were reviewed and approved by a committee of the Company?s independent directors. Completion of the Proposed Transaction is subject to the receipt of all necessary approvals and consents on terms satisfactory to the parties, including any necessary approvals from the CSE.