Power Metals Sells Royalty Interest ON Case Lake Project to Lithium Royalty Corp
POWER METALS SELLS ROYALTY INTEREST
ON CASE LAKE PROJECT TO LITHIUM
ROYALTY CORP
VANCOUVER, BC
,
May 4, 2023
/CNW/ -
Power Metals Corp.
("
Power Metals
" or the "
Company
")
(TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that the Company
has entered into an agreement to sell the 2% Gross Overriding Revenue royalty on the Case Lake
Lithium Project to Lithium Royalty Corp. ("LRC") for
$1,500,000
.
Ernie Ortiz
, President and CEO of Lithium Royalty Corp. commented: "This transaction adds the
32nd royalty to the LRC portfolio, our third since our
March 15th, 2023
IPO transaction, and our
sixth royalty in
Ontario
. We are pleased to partner with Power Metals Corp at its prospective Case
Lake Project in an established and supportive mining jurisdiction."
Johnathan More
, Chairman of Power Metals Corp., commented "The funds from this transaction will
be added to a very strong treasury with a current cash position in excess of
$10 million
. We are
fully funded for our upcoming summer exploration and drill program at Case Lake. We welcome
Lithium Royalty Corp.'s involvement and developing our discovery at Case Lake."
Currently, the Company is planning a large-scale drill program for summer 2023 with plans to drill
upwards of 15,000 meters. Upon completion of the program, the Company intends to conduct a
mineral resource calculation in the next six to nine months.
About Power Metals Corp.
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop
and acquire high quality mining projects. We are committed to building an arsenal of projects in both
lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to
supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at
www.powermetalscorp.com
ON BEHALF OF THE BOARD,
Johnathan More
, Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the
content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news
release. The securities being offered have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws,
and may not be offered or sold in the
United States
, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption
therefrom. This press release is for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including
the use of funds raised under the Offering. These statements should not be read as guarantees of
future performance or results. Such statements involve known and unknown risks, uncertainties
and other factors that may cause actual results, performance or achievements to be materially
different from those implied by such statements. Although such statements are based on
management's reasonable assumptions, Power Metals assumes no responsibility to update or
revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-
looking statements are based are reasonable, undue reliance should not be placed on the forward-
looking statements because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. These statements speak only as of the date of this press
release. Actual results could differ materially from those currently anticipated due to several
factors and risks including various risk factors discussed in the Company's disclosure documents
which can be found under the Company's profile on
www.sedar.com
.
This press release contains "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved
the contents of this press release.
SOURCE
POWER METALS CORP
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For further information:
Power Metals Corp., Johnathan More, 515-401-7479,
CO: POWER METALS CORP
CNW 08:00e 04-MAY-23