Please check your inbox and follow the link provided to confirm your susbcription.
Join our mailing list to receive news releases and other materials related to Pegasus Resources Inc.
VANCOUVER, BC—April 27, 2022 – Pegasus Resources Inc. (TSX-V: PEGA: Frankfurt – OQS2, OTC/Pink Sheet symbol: SLTFF) (the “Company” or “Pegasus”) reports that it has entered into a definitive agreement (the “Definitive Agreement”) with Trillium Gold Mines Inc. (“Trillium”) and Imagine Lithium Inc. (formerly “Infinite Ore Corp.”) pertaining to certain claims within the Confederation Lake region.
Concurrent with the closing of the Definitive Agreement, Trillium will pay to Pegasus $20,000 in cash, as well as issue 100,000 common shares in the capital of Trillium to earn into certain option agreements that Trillium is assuming (with certain amendments from previous option agreements between Imagine Lithium Inc. and Pegasus), under the Definitive Agreement, as optionee from those previous option agreements between Imagine Lithium Inc. and Pegasus. The cash consideration represents the remaining option payments under said option agreements, while the equity consideration, and the amendments provided by the Definitive Agreement, purchases Pegasus’ carried interest in the relevant properties such that Trillium will be transferred 100% of those properties upon closing of the Definitive Agreement. Furthermore, upon closing of the Definitive Agreement, Imagine Lithium Inc. will issue 1,500,000 common shares in the capital of Imagine Lithium Inc. to otherwise satisfy the obligations under the Dixie North Option Agreement and the Fredart Agreement (as defined below) between Imagine Lithium Inc. and Pegasus that form part of the Definitive Agreement.
The Company also reports that further to the agreement between Pegasus and Imagine Lithium Inc., dated February 3, 2020 relating to the Arrow Zone-Garnet Lake properties (the “Garnet Agreement”) and the agreement between Pegasus and Imagine Lithium Inc., dated February 3, 2020 relating to the Fredart Claims (the “Fredart Agreement”), the parties have entered into an Amending, Settlement and Termination Agreement (the “Agreement”) dated April 22, 2022.
Subject to TSX Venture Exchange approval, under the Agreement, Imagine Lithium Inc. will deliver to Pegasus $150,000 cash and 1,000,000 common shares of Imagine Lithium Inc. as per the Garnet Agreement and will relinquish the right to complete the option for the claims under the Garnet Agreement. This will provide the Company with most of the anticipated compensation under the Garnet Agreement and return control of the claims to the Company. The Agreement also returns certain other claims under the Fredart Agreement in consideration of Pegasus issuing Imagine Lithium Inc. a total of 5,000,000 common shares in the capital of Pegasus (the “Consideration Shares”). The Consideration Shares shall be issued on or before that date which is seven days on which Pegasus receives all necessary approvals from the TSX Venture Exchange.
Upon closing of the Agreement, the Company will pursue other opportunities relating to the Garnet Agreement claims and Fredart Agreement claims which were returned.
About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information please visit the Company at www.pegasusresourcesinc.com or contact Charles Desjardins at email@example.com.
On Behalf of the Board of Directors
President and Director
Pegasus Resources Inc.
700 – 838 West Hastings Street
Vancouver, BC V6C 0A6
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 this release.
Forward Looking Statements
Statements included in this announcement, including statements concerning the Company’s plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.Back To Archive