ROUYN-NORANDA, QC, Nov. 18,
2024 /CNW/ - Comet Lithium Corporation (TSXV: CLIC)
(FSE: 8QY) ("Comet Lithium") is pleased to announce that it
has signed a non-binding letter of intent ("LOI") with Puma
Exploration Inc. ("Puma") to sell its non-controlling
interests in the Northwest and Grog Properties (collectively, the
"Properties") located in New Brunswick, Canada (the "Transaction").
Transaction Details
Comet Lithium's non-controlling interest (45%) in the Properties
encompasses a land package of approximately 6,800 hectares across 8
claim blocks within the McKenzie Gold Project. Located 10
kilometres east of St. Quentin in
northern New Brunswick, the
McKenzie Gold Project lies approximately 20 kilometres west of
Puma's Williams Brook Project, recently optioned to Kinross Gold
Corporation.
In exchange for its interests in the Properties, Comet Lithium
will receive:
- 450,000 common shares of Puma
- 2% net smelter return royalty ("NSR") on the
Northwest Property (claim numbers 7298-7734)
- 2% net smelter return royalty on the Grog Property
(claim numbers 7211-8167-7683-9131-9132-9133)
Puma reserves the right to purchase one-half (1%) of each NSR at
any time for a cash payment to Comet Lithium of $500,000.
"These assets were non-core to Comet, and this transaction
provides an excellent opportunity to retain exposure to a large
land package while streamlining our portfolio and creating value
for shareholders," said Vincent
Metcalfe, President & CEO. "We are pleased to work with
Puma on this and look forward to seeing these properties advance
under their leadership."
Comet Lithium expects to close the Transaction before the end of
this year.
About Comet Lithium Corporation
Comet Lithium is a dynamic focused exploration company active in
the prolific James Bay District of
Quebec. Comet Lithium's flagship
asset is its 100%-owned Liberty Property contiguous to Winsome
Resources' Adina lithium deposit, a growing high-grade lithium
discovery. The second prospective asset within Comet Lithium's
portfolio of asset is the large Troilus East Property contiguous to
Troilus Gold's Troilus deposit, a large multi million-ounce
gold-copper deposit, which recently reached feasibility stage.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Comet Lithium, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including if the Transaction
will be completed and the timing to complete the Transaction. with
Puma for the divestiture of . Forward-looking information is based
on information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Comet Lithium's control. These
risks, uncertainties and assumptions include, but are not limited
to the risks, uncertainties and assumptions described under
"Financial Instruments" and "Risk and Uncertainties" in Comet
Lithium's Annual Report for the fiscal year ended December 31, 2023, a copy of which is available
on SEDAR+ at www.sedarplus.ca, and could cause actual events or
results to differ materially from those projected in any
forward-looking statements. Comet Lithium does not intend, nor does
it undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
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 the release.
SOURCE Comet Lithium Corporation