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Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) has closed the sale of two mining claim packages to Discovery Lithium Inc. The claims, known as Eagle Lake and Whitefish Lake, are located 350 km northwest of Thunder Bay, Ontario, covering 61,093 hectares. The transaction, which closed on September 17, 2024, includes:
1. 2,000,000 common shares of Discovery Lithium
2. A 1% net smelter returns royalty on future mineral production
3. A $432,778.50 cash payment due within 180 days
Discovery Lithium also assumes Zimtu’s obligations regarding certain payments to other parties. The acquired shares are subject to a four-month hold period.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) ha concluso la vendita di due pacchetti di richieste minerarie a Discovery Lithium Inc. Le richieste, conosciute come Eagle Lake e Whitefish Lake, si trovano a 350 km a nord-ovest di Thunder Bay, Ontario, coprendo 61.093 ettari. La transazione, chiusa il 17 settembre 2024, include:
1. 2.000.000 azioni ordinarie di Discovery Lithium
2. Una royalty del 1% sui proventi netti della fusione sulla futura produzione mineraria
3. Un pagamento in contante di 432.778,50 dollari da versare entro 180 giorni
Discovery Lithium assume anche gli obblighi di Zimtu riguardo a determinati pagamenti verso altre parti. Le azioni acquisite sono soggette a un periodo di blocco di quattro mesi.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) ha cerrado la venta de dos paquetes de reclamaciones mineras a Discovery Lithium Inc. Las reclamaciones, conocidas como Eagle Lake y Whitefish Lake, están ubicadas a 350 km al noroeste de Thunder Bay, Ontario, cubriendo 61,093 hectáreas. La transacción, que se cerró el 17 de septiembre de 2024, incluye:
1. 2,000,000 acciones ordinarias de Discovery Lithium
2. Una regalía del 1% sobre los ingresos netos de la fundición sobre la futura producción mineral
3. Un pago en efectivo de 432,778.50 dólares que vence en 180 días
Discovery Lithium también asume las obligaciones de Zimtu en relación con ciertos pagos a otras partes. Las acciones adquiridas están sujetas a un período de retención de cuatro meses.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1)는 Discovery Lithium Inc.에 두 개의 광산 청구 패키지의 판매를 마쳤습니다. Eagle Lake와 Whitefish Lake로 알려진 이러한 청구는 온타리오주 썬더베이에서 북서쪽으로 350km 떨어진 곳에 위치하고 있으며, 61,093 헥타르를 차지합니다. 이 거래는 2024년 9월 17일에 종료되었으며, 포함 내용은 다음과 같습니다:
1. 2,000,000주 보통주 Discovery Lithium의
2. 미래 광물 생산에 대한 1% 순 제련 세금 로열티
3. 432,778.50 달러의 현금 지급는 180일 이내에 지급 예정
Discovery Lithium은 또한 특정 당사자에게 지불해야 하는 Zimtu의 의무를 인수합니다. 인수된 주식은 4개월의 보유 기간에 따라 제한됩니다.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) a finalisé la vente de deux ensembles de concessions minières à Discovery Lithium Inc. Les concessions, connues sous les noms de Eagle Lake et Whitefish Lake, sont situées à 350 km au nord-ouest de Thunder Bay, Ontario, couvrant 61,093 hectares. La transaction, qui s’est conclue le 17 septembre 2024, comprend :
1. 2,000,000 actions ordinaires de Discovery Lithium
2. Une royauté de 1 % sur les retours nets de fonderie sur la production minérale future
3. Un paiement comptant de 432,778.50 dollars dû dans un délai de 180 jours
Discovery Lithium assume également les obligations de Zimtu concernant certains paiements à d’autres parties. Les actions acquises sont soumises à une période de blocage de quatre mois.
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) hat den Verkauf von zwei Bergbauanspruchspaketen an Discovery Lithium Inc. abgeschlossen. Die Ansprüche, bekannt als Eagle Lake und Whitefish Lake, befinden sich 350 km nordwestlich von Thunder Bay, Ontario, und decken 61.093 Hektar ab. Die Transaktion, die am 17. September 2024 abgeschlossen wurde, umfasst:
1. 2.000.000 Stammaktien von Discovery Lithium
2. Eine 1% Nettoroyalty auf Schmelzerträge aus zukünftiger Mineralproduktion
3. Eine Barzahlung von 432.778,50 Dollar, die innerhalb von 180 Tagen fällig ist
Discovery Lithium übernimmt auch die Verpflichtungen von Zimtu in Bezug auf bestimmte Zahlungen an Dritte. Die erworbenen Aktien unterliegen einer viermonatigen Haltefrist.
Positive
- Sale of 2,923 mineral claims covering 61,093 hectares in Northwestern Ontario
- Received 2,000,000 common shares of Discovery Lithium
- Obtained a 1% net smelter returns royalty on future mineral production
- Additional cash payment of $432,778.50 due within 180 days
- Transfer of payment obligations to other parties to Discovery Lithium
Negative
- Four-month hold period on received Discovery Lithium shares limits immediate liquidity
- Cash payment of $432,778.50 is not immediate, with a 180-day payment window
Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu“) announces that it has closed the previously announced sale to Discovery Lithium Inc. (the “Purchaser“) of two separate packages of mining claims, located approximately 350 km northwest of Thunder Bay, Ontario , generally known as the Eagle Lake claims and the Whitefish Lake claims (together, the “Claims“). Pursuant to a claims sale agreement dated July 15, 2024 between the Company and the Purchaser (the “Agreement“), the Company agreed to sell a 100% interest in the Claims to the Purchaser in exchange for the consideration set forth below (the “Transaction“). The Claims are comprised of 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres) in Northwestern Ontario.
Terms of the Transaction
The Transaction closed on September 17, 2024, and the Company received the following consideration on Closing for the Claims:
-
an aggregate of 2,000,000 common shares in the capital of the Purchaser (“DiscoveryShares“); and
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a 1% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production.
Pursuant to the Agreement, a cash payment in the amount of $432,778,50 is payable by the Purchaser to the Company within 180 days following Closing.
In addition, the Purchaser has assumed the Company’s obligations with respect to certain payments owed to other parties in connection with a claims sales agreement and a net smelter returns royalty agreement previously entered into by the Company relating to the Claims.
The Discovery Shares are subject to a hold period expiring four months and one day following Closing.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol “ZC” and Frankfurt under symbol “ZCT1”. For more information, please visit https://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
“Sean Charland”
Sean Charland
President & Director
Phone: 604.681.1568
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 THIS NEWS RELEASE.
This news release contains forward‑looking statements, which include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this press release include that the Closing will occur, including the payment of the cash and share consideration and the grant of the net smelter royalty.
These statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward‑looking information or statements. Important factors that could cause actual results to differ from these forward‑looking statements include, but are not limited to: risks associated with the business of the Company or the businesses of the companies that the Company has invested in, including, without limitation, the natural resource exploration industry; changes in commodity prices as the Company has investments in natural resource exploration issuers; changes in interest and currency exchange rates; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and economic, competitive, governmental, environmental and technological factors which may affect the Company’s operations, investments, markets, products and share price; that the Transaction may not occur as intended or at all; and that the CSE or the TSXV may not approve the Transaction.
Except as required by law, the Company does not intend to revise or update these forward‑looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
View the original press release on accesswire.com
FAQ
What mineral claims did Zimtu Capital Corp. (ZTMUF) sell to Discovery Lithium Inc.?
Zimtu Capital Corp. sold the Eagle Lake and Whitefish Lake mineral claims, covering approximately 61,093 hectares in Northwestern Ontario, to Discovery Lithium Inc.
When did Zimtu Capital Corp. (ZTMUF) close the sale of its mineral claims to Discovery Lithium Inc.?
Zimtu Capital Corp. closed the sale of its mineral claims to Discovery Lithium Inc. on September 17, 2024.
What compensation did Zimtu Capital Corp. (ZTMUF) receive for the mineral claims sale?
Zimtu Capital Corp. received 2,000,000 common shares of Discovery Lithium, a 1% net smelter returns royalty on future mineral production, and is due a cash payment of $432,778.50 within 180 days of closing.
How many hectares do the mineral claims sold by Zimtu Capital Corp. (ZTMUF) cover?
The mineral claims sold by Zimtu Capital Corp. cover approximately 61,093 hectares (150,964 acres) in Northwestern Ontario.
