Silverton Metals Corp (TSX-V:SVTN, OTCQB:SVTNF) said it has closed its acquisition of all the issued and outstanding shares of Wholesome Organic Limited (WOL), which owns a lithium property in Snow Lake, Manitoba.
WOL is the owner of the Peny property, made up of fifteen mineral claims totalling 3,204 hectares.
Under the terms of the share purchase agreement, Silverton acquired the issued and outstanding securities of WOL and issued WOL shareholders a total of 13 million common shares at a deemed price of C$0.095 each for total consideration of C$1,235,000. The consideration shares are not subject to any hold periods under applicable securities laws.
READ: Silverton Metals issues corporate update, announces acquisition of Peny Property in Snow Lake, Manitoba
"The closing of this acquisition marks an important milestone in becoming a lithium-focused exploration company in the tier-1 jurisdiction of Snow Lake, Manitoba," CEO Lowell Kamin said in a statement.
"We will seek to generate shareholder value through effectively exploring and developing of the Peny property," he added.
The company also said it has granted options to purchase 1,550,000 common shares to its directors, officers and key consultants. The options are exercisable at a price of $0.16 per share and expire five years from the date of grant. The options will be subject to certain vesting requirements as approved by the board of directors.
Silverton Metals is a Canadian company focused on the exploration and development of quality lithium and silver projects. The company holds a 100% interest in the Peny property in Snow Lake, Manitoba in addition to three significant silver assets in Mexico - Pluton, in Durango, Penasco Quemado in Sonora and La Frazada in Nayarit.
Contact the author at susie@proactiveinvestors.com