Soldera Mining Signs LOI to Acquire Energy Metals and Technology Company, Amtek Inc.
02/26/2021 - 08:00 AM
VANCOUVER, BC / ACCESSWIRE / February 26, 2021 / Soldera Mining Corp. (CSE:SOLD)(OTC PINK:SLDMF) ("Soldera " or the "Company ") is pleased to announce that it has signed a letter of intent (the "LOI ") to acquire (the "Transaction ") AmTek Inc. ("AmTek "). AmTek is the owner of the Whabouchi South lithium exploration property (the "Whabouchi South Property ") located in the James Bay/Eeyou Istche region of Quebec and is working on the development of a proprietary technology to produce "green ammonia", a potential carbon-free energy source.
The Whabouchi South Property
The Whabouchi South Property consists of 24 mineral claims totaling 1,280 hectares located less than 4 km from the boundary of Nemaska Lithium's Whabouchi Lithium Deposit, one of North America's richest lithium spodumene deposits.[1]
In 2014, a 357 line km heliborne magnetic and spectrometric survey covered approximately 50% of the Whabouchi South Property (Sigeom Assessment Report GM69169).
Faizaan Lalani, Interim CEO of Soldera, states "with such a large deposit nearby as well as access to power and roads, AmTek's Whabouchi South Property is well placed geologically and logistically. We will also be able to rely on Nemaska's nearby Whabouchi Lithium project as a guide for exploration, permitting and planning at Whabouchi South."
Ammonia Extraction Technology Development
Together with its partner, ORF Technologies Inc., AmTek is also working on the development of a proprietary solution to produce "green ammonia". Green ammonia is carbon free and can be used as a fuel, for energy storage, as a fertilizer, and as a household and industrial chemical. Because of its higher energy density and lower volatility than hydrogen, it is also easy to transport.
The Transaction
Pursuant to the LOI, Soldera has agreed to acquire 100% of the issued and outstanding shares of AmTek in consideration for 12,000,000 common shares of Soldera (the "Consideration Shares "). 90% of the Consideration Shares, when issued, will be subject to resale restrictions expiring as follows: (i) 1/6 four (4) months from closing; (ii) 1/6 eight (8) months from closing; (iii) 1/6 twelve (12) months from closing; (iv) 1/6 sixteen (16) months from closing; (v) 1/6 twenty (20) months from closing; and (vi) 1/6 twenty-four (24) months from closing. Completion of the Transaction is subject to customary conditions precedent, including execution of a definitive agreement respecting same, approval of the Canadian Securities Exchange and engagement of certain key personnel of AmTek by Soldera.
Daniel Turcotte PGeo. is a 'Qualified Person' under National Instrument 43-101 and has approved the scientific and technical information contained in this news release.
About the Company
The company is a mineral exploration company focused on the acquisition, exploration and development of mining properties. The company is based in Vancouver, BC and holds an option over the Titan Property located in the Klotz Lake area in Northwestern Ontario and the Tuscarora Property, located in the Tuscarora Mining District in Elko County, Nevada.
For more information, investors should review the Company's filings that are available at www.sedar.com .
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the Transaction, the attributes of the Whabouchi South Property, entry into of a definitive agreement respecting the Transaction and satisfaction of the conditions precedent to completion of the Transaction, are forward-looking statements. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the contents of this press release.
Contact Information
Faizaan Lalaniflalani@solderamining.com
[1] Please see: Nemaska Lithium Inc.'s management's discussion and analysis for the three and nine months ended March 31, 2020, which is available on www.SEDAR.com .
SOURCE: Soldera Mining Corp.
https://www.accesswire.com/632334/Soldera-Mining-Signs-LOI-to-Acquire-Energy-Metals-and-Technology-Company-Amtek-Inc
