LFNT Resources Corp. Issues Shares under Skyfire Property Option Agreement
LFNT Resources Corp. Issues Shares under Skyfire Property Option Agreement
VANCOUVER, BC / May 3, 2023 / LFNT Resources Corp. (CSE: LFNT) ("LFNT" or the
"Company"), is pleased to announce issuance of 100,000 common shares pursuant to
the Binding Letter Agreement dated August 19, 2022 (the “Agreement”) between
Christopher R. Paul and Dev Rishy-Maharaj, and the Company for the option to purchase
the Skyfire Property (the “Property”) located in the Cariboo Mining District, British
Columbia.
Under the Agreement, the Company has the right to earn a 100% interest in the 1,897
hectare Property, including seven (7) BCMTO claim tenures, as described more fully in
the Agreement. The Company will earn a 100% interest in the Property, subject to a 1%
NSR Royalty, by incurring $1,035,000 in exploration expenditures, making payments of
$200,000 to the Optionor and issuing 1,000,000 common shares to the Opt ionor on or
before the fourth anniversary of this Agreement.
The first 100,000 common shares under the Agreement are to be issued within 10 days
of listing on a stock exchange in Canada. On April 2 6, 2023 common shares of the
Company began trading on the Canadian Stock Exchange.
The remaining common shares under the Agreement are scheduled to be issued as
follows: 100,000 on the first anniversary from the date of the Agreement; 200,000 on the
second anniversary from the date of the Agreement; 200,000 on the third anniversary
from the date of the Agreement; 400,000 on the fourth anniversary from the date of the
Agreement. In addition, the Optionor will receive an additional 500,000 common shares
on the confirmation of a resource on the Property and an add itional 500,000 common
shares upon a decision by the Company to produce minerals from the Property.
The securities issued pursuant to the Agreement will be subject to a hold period under
applicable securities laws, which will expire four months plus one day from the date of the
issuance.
The full text of the Agreement is available under the profile of the Company on
www.sedar.com.
About LFNT Resources Corp.
LFNT Resources Corp. is a British Columbia-based mineral exploration company focused
on the development of assets containing battery, base and precious metals. LFNT holds
a land position in the heart of British Columbia’s renowned Cariboo Mining District.
LFNT’s 1,900 ha SkyFire Property is nestled between Williams Lake and 100 Mile House,
meaning infrastructure and strong labor communities within reach. The company may
also evaluate the acquisition of other mineral exploration assets and opportunities. LFNT
is publicly listed on the Canadian Stock Exchange (CSE) under trading symbol "LFNT".
On Behalf of the Board of Directors
LFNT Resources Corp.
Shayne Taker
Director and Chief Executive Officer
Tel: (236) 266-0989
Email: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward -looking statements" under applicable
Canadian securities legislation. Forward -looking statements consist of statements that
are not purely historical, including any statements regarding beliefs, plans, expectations
or intentions regarding the future. Forward -looking statements in this news release
include statements with respect to receipt of final approval from the Canadian Securities
Exchange and the expected timing of commencement of trading. Forward -looking
statements are subject to various known and unknown risks and uncertainties that may
cause actual results, performance or developments to differ materially from those
contained in the statements, including risks related to factors beyond the control of the
Company, including, but not limited to: changes in general economic conditions or
conditions in the financial and capital markets; uncertainties related to the availability and
costs of financing needed in the future; business and economic conditions in the mineral
exploration industry generally; the supply and demand for labour and other project inputs;
changes in commodity prices; changes in interest and currency exchange rates; risks
related to inaccurate geological and engineering assumptions; risks relating to
unanticipated operational difficulties (including failure of equipment or processes to
operate in accordance with the specifications or expectations, unavailability of materials
and equipment, government action or delays in the receipt of government app rovals,
industrial disturbances or other job action and unanticipated events related to health,
safety and environmental matters); risks related to adverse weather conditions and
geopolitical risk and social unrest. There can be no assurance that such stat ements will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.