Quantum Battery Metals Announces Further Update to Calico Jack Acquisition
Rhea-AI Summary
Quantum Battery Metals Corp. (CSE: QBAT) (OTC Pink: BRVVD) (FSE: 23B0) has provided an update on its acquisition of 1500643 B.C. (Calico Jack). Following a non-binding Letter of Intent signed on September 9, 2024, Quantum has successfully negotiated terms for a share exchange agreement. The company will issue 6,000,000 shares at $0.31 per share, totaling $1,860,000 in consideration.
The Calico Jack Property, located in Newfoundland, Canada, covers 525 hectares and is prospective for sedimentary-hosted stratiform copper mineralization. Exploration activities began in 2001, with recent surveys identifying multiple target areas. The property's geology includes formations from the Neoproterozoic Musgravetown Group, part of the Bonavista Basin.
Quantum is now working towards closing the transaction, pending final review and approval. This acquisition aligns with the company's strategic growth initiatives in the battery metals sector.
Positive
- Successful negotiation of share exchange agreement for Calico Jack acquisition
- Acquisition aligns with strategic growth initiatives in battery metals sector
- Calico Jack Property shows potential for sedimentary-hosted stratiform copper mineralization
- Recent surveys identified multiple target areas for further exploration
Negative
- Issuance of 6,000,000 new shares may lead to dilution for existing shareholders
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Quantum Battery Metals Corp. (CSE: QBAT) (OTC Pink: BRVVD) (FSE: 23B0) ("Quantum" or the "Company"), is pleased to announce an update regarding the acquisition of 1500643 B.C. Ltd. ("Calico Jack"), as previously disclosed in the Company's news release on September 9, 2024.
The Company signed a non-binding Letter of Intent on September 9, 2024, with 1500643 B.C. Ltd. The transaction will be conducted as an arm's-length agreement, and no finder's fee will be paid in connection with the acquisition.
The Company has successfully negotiated terms to proceed with a share exchange agreement. As part of the proposed transaction, Quantum will issue 6,000,000 shares at a price of
Quantum is now working diligently towards closing the transaction, pending final review and approval of the acquisition target. This acquisition aligns with Quantum's strategic growth initiatives and further strengthens its position within the battery metals sector.
About the Calico Jack Property
The Calico Jack Property is a mineral exploration site covering approximately 525 hectares in Newfoundland, Canada. Located on the Bonavista Peninsula, the property is accessible via road along the Trans-Canada Highway from Sunnyside or by air through St. John's International Airport, situated about 180 km southeast.
- Geology: The property is situated within the Neoproterozoic Musgravetown Group, part of the Bonavista Basin, and features formations such as the Bull Arm, Big Head, and Trinny Cove. It is prospective for sedimentary-hosted stratiform copper mineralization, which involves the deposition of copper sulfides in reduced sedimentary environments.
- Exploration Status: Exploration activities began in 2001, focusing on drilling, geological mapping, prospecting, and various sampling methods. Recent surveys, including a 2023 Satellite Analysis, identified multiple target areas supporting further exploration.
- Potential for Mineralization: The property has shown potential for sedimentary-hosted stratiform copper mineralization. This type of deposit commonly forms in thin, sulphide-bearing zones within reduced horizons overlying oxidized continental redbeds or within reduced units in redbed sequences.
QUANTUM BATTERY METALS CORP.
"Marc Momeni"
_______________________
Marc Momeni, CEO and Director
Contact Information:
400 - 837 West Hastings Street
Vancouver, British Columbia
V6C 3N6
Phone: 604.629.2936
Email: Info@quantumbatterymetals.com
Forward-Looking Information This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Quantum Battery Metals Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward- looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225906
FAQ
What is the total value of Quantum Battery Metals' (BRVVD) acquisition of Calico Jack?
When did Quantum Battery Metals (BRVVD) sign the Letter of Intent for the Calico Jack acquisition?
What is the size of the Calico Jack Property being acquired by Quantum Battery Metals (BRVVD)?
What type of mineralization is the Calico Jack Property prospective for?
