Infinity Stone Ventures Corp (CSE:GEMS, OTC:GEMSF) announced that it has entered into a mining claims purchase agreement with Boivin Exploration for the Tesla iron project located in Quebec, Canada.
It also announced the appointment of Glenn Giles as interim CEO and Jeremy Close as interim CFO. Both have also been appointed as directors of the company.
The company said it will acquire the Tesla project for C$54 million payable on commencement of commercial production and 7.5 million Class A Subordinate Voting shares, subject to a 3% gross proceeds royalty.
“This new opportunity with Infinity Stone Ventures, with so many significant critical mineral prospects, especially the land positions for lithium and graphite and this new Tesla iron project, is an exciting opportunity to utilize our extensive experience in government and with dealing with private industry, which should help in advancing Infinity Stone,” interim CEO Giles said in a statement.
Giles brings to the role of interim CEO 35 years of experience in both the private and public sector in a range of executive positions, Infinity Stone highlighted.
Close is an iron ore specialist and experienced geology manager with more than a decade of experience in the iron ore industry, it added.
Infinity Stone’s mission is to be a diversified, single-source supplier of the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio.