Canada-based Beyond Minerals has acquired a 100% undivided interest in 15 contiguous mining claims, which include the Peggy Group Lithium property in Ontario, Canada, from Lithos Minerals.
According to the agreement, Beyond Minerals will pay an aggregate cash consideration of $125,000 to Lithos Minerals and issue a total of 2,500,000 Beyond Minerals common shares.
Beyond Minerals will also assume a 1.5% net smelter return royalty on the claims. Beyond Minerals president and CEO Craig Gibson said: “The Peggy Group Lithium property is an exciting addition to our growing portfolio of lithium properties and other mineral assets.
“The Property is hosted within metasediments in contact with muscovite bearing granitic rocks, a peraluminous S type fertile parental granite. Metasediments make excellent hosts for lithium-bearing pegmatites and we are keen to commence exploration work on the Property.”
Covering an area of around 7,386ha, the Peggy Group property is located about 80km north of Sioux Lookout, in the province of Ontario.
The lithium property is located 8km south of the McCombe-Root Lithium project, owned by Green Technology Metals.
Furthermore, Beyond Minerals is planning a non-brokered private placement of up to 3,750,000 of its common shares, each at a price of $0.20, to raise up to $750,000.
The firm plans to use the proceeds from the private placement to fund exploration work at some of its properties as well as for general corporate and working capital purposes.
In a press statement, Beyond Minerals said: “The Company may pay finders’ fees in connection with the Offering in cash, shares, warrants or a combination thereof. All securities to be issued under the Offering will be subject to a hold period of four months and one day from their date of issuance.”