Comet Announces the Appointment of Vincent Metcalfe as Director and Executive Chairman, Vincent Cardin- Tremblay as VP Exploration, and Acquires Additional Mineral Properties IN Lithium-Rich Region of Québec
COMET ANNOUNCES THE APPOINTMENT OF
VINCENT METCALFE AS DIRECTOR AND
EXECUTIVE CHAIRMAN, VINCENT CARDIN-
TREMBLAY AS VP EXPLORATION, AND
ACQUIRES ADDITIONAL MINERAL
PROPERTIES IN LITHIUM-RICH REGION OF
QUÉBEC
ROUYN-NORANDA, QC
,
Oct. 26, 2023
/CNW/ - Comet Lithium Corporation (TSXV: CLIC)
(FRANKFURT: 8QY) ("Comet Lithium" or the "Company") is pleased to announce the appointment of
Mr. Vincent Metcalfe as a director of the Company and Executive Chairman of the board of
directors, the appointment of Mr. Vincent Cardin-Tremblay as Vice President, Exploration of the
Company, as well as that Mr.
Joseph de la Plante
has been engaged as a strategic advisor to the
Company.
All three of these new members previously founded and worked in the precious metal's royalty
space at Nomad Royalty Company Ltd. ("Nomad Royalty"), which was subsequently acquired by
Sandstorm Gold Ltd. in an all-stock transaction valued at approximately
$755 million
in
August 2022
.
Vincent Metcalfe
is an accomplished executive with domestic and international experience in the
metals and mining sector. Mr. Metcalfe was one of the founders and was the CEO and Chair of the
Nomad Royalty which was acquired by Sandstorm in
August 2022
. Prior to his involvement with
Nomad Royalty, Mr. Metcalfe held a number of officer and senior executive roles with Toronto Stock
Exchange and New York Stock Exchange listed resource companies within the Osisko group of
companies. As an executive, he helped several companies advance and develop mining projects. He
has extensive shareholder relations and proven experience in capital raising, mergers & acquisitions
and financial engineering. Prior to his executive roles, he advised resource clients, in both mergers &
acquisitions advisory and financing at large Canadian investment banks for nearly 10 years. Mr.
Metcalfe holds a Bachelor's degree in Finance from HEC Montreal. In 2023, Vincent was awarded
with the YMP Peter Munk award, which recognizes a young mining professional, who over the past
year, and during their careers, have demonstrated exceptional leadership skills and innovative
thinking to provide value for their companies and shareholders.
Vincent Cardin-Tremblay
, P. Geo, is an accomplished geologist who will bring extensive national and
international experience in exploration and mine geology operating in the Americas and
Africa
to
Comet Lithium. Mr. Cardin-Tremblay was Vice President, Geology for Nomad Royalty. Prior to
joining Nomad Royalty, he was Vice President, Geological Services at Harte Gold. Prior to that, he
worked as Director, Exploration and Geology at Golden Star Resources Inc. and Geology
Superintendent at the Rosebel mine in Suriname for IAMGOLD. Mr. Cardin-Tremblay also worked
for Freeport-McMoRan, and for Glencore at the
Matagami
and Raglan mines. He holds a B.Sc. in
Geology from Université du Québec à Montréal. He is also a member of the board of directors of
l'Association de l'exploration minière du Québec
.
Joseph de la Plante
is an accomplished executive with public company experience in all aspects of
the mine development cycle and is a Partner of Nomad Resource Partners Inc. Mr. de la Plante was
one of the founders and was the Chief Investment Officer and a director of the Nomad Royalty. Prior
to his involvement with Nomad Royalty, Mr. de la Plante played a key role in the creation of Osisko
Gold Royalties Ltd. where he led the execution of more than
$1 billion
in financing equity, royalty and
stream transactions and two major transactions in his role as Vice President of Corporate
Development. Prior thereto, he was with Osisko Mining Corporation through the development,
operation and subsequent
$4.3 billion
sale of the Canadian Malartic mine in 2014 to Yamana Gold
and Agnico Eagle Mines Ltd. Prior to his executive roles, Mr. de la Plante advised resource clients in
both mergers & acquisitions and financing at BMO Capital Markets. Mr. de la Plante currently serves
on the Board of Directors of Doré Copper Mining Corp. Mr. de la Plante holds a Bachelor's degree
in Mechanical Engineering from
McGill University
.
Mansoor Jan
, Comet's Interim CEO and President stated: "
We are very pleased and excited with
the addition of Messrs. Metcalfe, de la Plante and Cardin-Tremblay to the Comet Lithium team,
they are bringing collectively to Comet Lithium a depth of experience and knowledge in, all areas
of exploration and mining, project management and development and investor engagement, and
M&A which Comet Lithium and its shareholders will greatly benefit from. These new additions will
help make Comet Lithium stand out in the prolific lithium discovery area in
James Bay
region of
Québec."
Vincent Metcalfe
, Comet's Executive Chair and Director stated: "
This is an exciting new chapter for
Comet. We are excited to work with the Comet team to increase shareholder value by supporting
the development of Liberty and its other land holdings. We aim to put to work our in-depth
knowledge of the
Quebec
sector and global network to the benefit of Comet's shareholders."
The Company also announces that it has entered into an agreement dated
October 25, 2023
to
acquire a 100% interest in two lithium exploration stage mineral properties (the "Properties") from
Nomad Resource Partners Inc. ("Nomad Resource Partners") pursuant to an asset purchase and
sale agreement (the "Purchase Agreement"). Located in the west-central Eeyou Istchee Baie-James
Territory in northern Québec adjacent to the Li-FT Power Ltd. ("Li-FT") Pontax Project. The newly
acquired Properties consists of 76 mining claims within an active hard rock lithium district. The
James Bay
region is now one of
Canada's
best-known regions for lithium with several known
deposits, numerous spodumene showings, and a continuous array of new discoveries. The
Properties are made up of 32 claims comprising the Pontax South property and 44 claims
comprising the Pontax East property. The consideration for the acquisition of the Properties will be
paid by the issuance of 1,850,000 common shares of the Company (the "Consideration Shares") to
Nomad Partners upon closing the proposed transaction (the "Proposed Transaction").
The Properties are well situated near Li-FT's Pontax Project which contains the most extensive
lithium anomaly within Li-FT's projects in the Province of Québec (source:
https://www.li-ft.com/projects/pontax/
). The Properties are highly accessible as the area is four
kilometres from the James Bay Road (Route Billy-Diamond Highway) which is maintained year-round
and offers one of the only routes into the
James Bay
region of Québec.
The Proposed Transaction is being conducted on an arm's length basis and no finder's fee are
payable in connection therewith. Messrs. Metcalfe, de La Plante and Cardin-Tremblay are the
principal of Nomad Resource Partners. The Purchase Agreement is subject to regulatory approval,
including that of the TSX Venture Exchange. The closing of the Proposed Transaction is expected to
occur on or about
November 1, 2023
. The Consideration Shares will be subject to a resale
restriction period of four months and one day.
Qualified Person
Martin Demers
, P. Geo (ogq #770, APEGNB L5980, PGO #3785), registered in the Provinces of
Québec,
New-Brunswick
, and
Ontario
a consultant to Comet Lithium, is a qualified person under
National Instrument 43
101 -
Standards of Disclosure for Mineral Projects
. He has reviewed the
technical contents of this news release and has approved the disclosure of the technical information
contained herein.
About Comet Lithium
Comet Lithium is a dynamic lithium-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 deposit, a growing high-grade discovery. Comet Lithium is advancing
Liberty to first-ever drilling, with the aim to deliver long-term value for its stakeholders.
About Nomad Resource Partners
Nomad Resource Partners was founded in 2022 to act on opportunities in the metals & mining
sector. The team, composed of three Partners,
Vincent Metcalfe
,
Joseph de la Plante
and
Vincent
Cardin-Tremblay
, aims to create, incubate, and optimize vehicles globally and across the entire
spectrum of commodities. The focus is on finding, operating, financing and unlocking value of
projects with world-class potential.
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 the closing of the Proposed Transaction
and what benefits Comet Lithium will derive from the Properties. 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 risk that that the Proposed Transaction may not
receive TSX Venture approval, as well those 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, 2022
, 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 Corp.
View original content:
http://www.newswire.ca/en/releases/archive/October2023/26/c1039.html
%SEDAR: 00035962E
For further information:
Comet Lithium Corporation: Mansoor Jan, Interim President & CEO, 147
Québec Avenue, Rouyn-Noranda, Québec, J9X 6M8, Email: [email protected], Website:
CometLithium.com; MarketSmart Communications Inc., Adrian Sydenham, Toll-free: 1-877-261-
4466, Email: [email protected]
CO: Comet Lithium Corp.
CNW 10:56e 26-OCT-23