LIFT Closes Sale of 313 Claims in Quebec to Power Metallic Mines for $700,000 in Cash and 6,000,000 Shares
Rhea-AI Summary
Li-FT Power (OTCQX: LIFFF) has completed the sale of 313 claims from its Rupert Project in Quebec to Power Metallic Mines. The transaction includes C$700,000 in cash, 6 million shares of Power Metallic Mines (representing 2.6% ownership), and a 0.5% NSR royalty with no buyback provision.
The shares received are subject to a statutory hold period until November 12, 2025, with half under additional trading restrictions until July 11, 2026. The share position has an estimated market value of C$7 million. Additionally, LIFT granted 20,407 Deferred Share Units to independent directors at C$2.51 per DSU.
Positive
- Received C$700,000 in immediate cash proceeds
- Acquired 6 million shares valued at approximately C$7 million
- Secured 0.5% NSR royalty with no buyback provision
- Transaction strengthens balance sheet while maintaining exposure to future exploration success
Negative
- Half of received shares are locked up until July 11, 2026
- Reduction in direct property ownership and exploration potential
News Market Reaction – LIFFF
On the day this news was published, LIFFF gained 1.96%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2025) - Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF) (FSE: WS0) ("LIFT" or the "Company")is pleased to announce that it has closed the previously announced definitive agreement with Power Metallic Mines Inc. (TSXV: PNPN) for the sale of a
In consideration for the 313 claims, LIFT received:
C
$700,000 in cash on closing6,000,000 shares on closing, all of which are subject to a statutory hold period expiring on November 12, 2025, and ½ of which are subject to an additional contractual resale restriction ending on July 11, 2026, being the date which is 12 months from the closing.
0.5% net smelter returns (NSR) royalty (no buyback provision)
Figure 1 - Location of LIFT's Rupert Project along with the 313 claims being sold to PNPN.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/258676_b298443cc458b953_001full.jpg
LIFT's 6,000,000-share position in Power Metallic Mines represents approximately
Francis MacDonald, CEO of LIFT comments, "We are pleased to complete this transaction with Power Metallic Mines, which allows us to unlock value from our portfolio while maintaining exposure to future exploration success in the region. This sale strengthens our balance sheet and provides us with additional flexibility to advance our core projects. We look forward to seeing the progress Power Metallic will make on these claims."
LIFT Announces DSU Grant
LIFT announces that it has granted a total of 20,407 Deferred Share Units ("DSU") to certain independent directors of the Company in lieu of director fees for the second quarter, at a fair market value of C
Each DSU represents the right to receive one common share in the share capital of the Company. The DSUs vest one year from the grant date and are settled in accordance with the terms of the Company's Share Incentive Plan, a copy of which is available on the Company's SEDAR+ profile.
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company's flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: + 1.604.609.6185
Email: investors@li-ft.com
Website: www.li-ft.com
Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: investors@li-ft.com
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 21, 2025, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258676
FAQ
What did Li-FT Power (LIFFF) receive for selling 313 claims to Power Metallic Mines?
How many shares of Power Metallic Mines does LIFFF now own?
When do the trading restrictions on LIFFF's Power Metallic shares expire?
What DSUs did Li-FT Power grant to its directors in Q2 2025?
Where are the sold claims located?
