IC Capitalight Sells Schefferville Ashuanipi Gold Project to Ethos Gold
IC CAPITALIGHT SELLS SCHEFFERVILLE ASHUANIPI GOLD PROJECT TO ETHOS GOLD
NEWS RELEASE – February 16, 2021
IC Capitalight Corp. (CSE:IC) (“Capitalight” or the “Company”) announces the sale of its Schefferville
Ashuanipi Gold Projet and related exploration data to Ethos Gold Corp. (“Ethos”), which trades on the TSXV
under the symbol ECC. The Ashuanpi Project consists of 48 mineral claims covering 2,359 hectares
(23.59km2) that are contiguous to Ethos’s existing land position within the Schefferville Gold District, 85
kilometers northwest of Schefferville, Quebec.
Capitalight will receive 2,000,000 shares of Ethos, $100,000 in cash, and a 2.0% net smelter royalty
(“NSR”), which can be reduced to 1.0% for a further payment of $1.0 million in cash. The fair value of the
Ethos shares based on its closing market price of $0.18 on February 12, 2021 is $360,000. Ethos has also
committed to spending $500,000 over three years on the claim s with any shortfall resulting in a cash
payment to the Capitalight in an amount equal to a prorated cash payment of $100,000. If the commitment
is satisfied, no payment is required. The purchase agreement is subject to acceptance by the TSX Venture
Exchange.
Ethos is a well funded exploration company that has been consolidating the Schefferville Gold District since
early 2020 and now holds a total of 26,808 hectares (36.8 km2) centered on a 20 km wide key structural
corridor characterized by faulted and sheared rocks. Their property package contains approximately 53
gold occurences of which only 6 have ever been drill tested. Ethos completed a high-definition helicopter-
borne magnetometer survey over its Schefferville mineral claims in October 2020 and is planning a field
program in spring 2021 followed by a drill program later in 2021. Ethos also owns gold and copper
exploration projects in Quebec, Ontario, British Columbia, Newfoundland, and Nevada
Capitalight is excited to continue to participate in the exploration of the Schefferville Gold District as a
shareholder of Ethos and through the NSR.
Capitalight’s remaining mineral exploration program will be the Blue Lake Project, located 60 km northeast
of Schefferville, which consists of 263 claims covering 12,724 hectares. The Blue Lake Project controls a
35 km long by 3 to 5 km wide group of contiguous claims on one of the most under explored and prospective
Pt-Pd-Cu-Ni belts in Canada.
About IC Capitalight Corp.
The Company operates as a merchant bank that pursues value -based investment opportunities in
accordance with its internal investment policies. The Company currently holds an investment portfolio
consisting of debentures, mineral exploration property interests and owns 100% of Capitalight Research
Inc., which operates a growing subscription research business.
For more information, visit www.capitalight.co or please contact
Brian Bosse
CEO and Director
P: 866.653.9223
Disclaimer for Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities
legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other
factors that could cause actual results, performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements. Forward-looking statements in this news
release include, but are not limited to, statements regarding: the debentures; (ii) the mineral exploration
properties; and (iii) the operations of Capitalight Research Inc. Forward-looking statements are necessarily
based on a number of estimates and assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties and other factors that may cause actual results and future events to differ
materially from those expressed or implied by such forward-looking statements. Such factors include, but
are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental
and other judicial, regulatory, political and competitive developments; and other risks outside of the
Company’s control. Additional risk factors are included in the Company’s Management’s Discussion and
Analysis, available under the Company’s profile on SEDAR at www.sedar.com. Although the Company
believes that the assumptions and factors used in preparing the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Except as required by applicable laws, the Company disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new information, future events, or otherwise.