- Imagine Lithium (ILI) has sold all of its holdings in the Red Lake area to Trillium Gold Mines (TGM), and Pegasus Resources (PEGA)
- Trillium has acquired a majority of Imagine’s property holdings known as the Eastern Vision Project
- Trillium acquired an interest in 13,958 hectares for a consideration of 2,800,000 common shares of Trillium and $175,000 in cash
- Imagine also relinquished its right over the Garnet Lake property and portions of the Fredart property to Pegasus by receiving 5,000,000 common shares of Pegasus in exchange
- Imagine Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral projects
- Imagine Lithium Inc. was unchanged at $0.075 at 9:39 AM ET
Imagine Lithium (ILI) has sold all of its holdings in the Red Lake area to Trillium Gold Mines (TGM), and Pegasus Resources (PEGA).
Trillium has acquired most of Imagine’s property holdings, known as the Eastern Vision Project.
The Eastern Vision Project is located in the Confederation Lake assemblage of the Birch-Uchi greenstone belt in the Red Lake District, Ontario.
In line with the terms of the agreement, Trillium has acquired an interest in 13,958 hectares between the Fredart, Confederation North, and Confederation South properties for a consideration of 2,800,000 common shares of Trillium and $175,000 in cash.
These properties include a mix of properties that Trillium has acquired directly and others for which Trillium as assumed option agreements as optionee.
In addition, Imagine has closed an Amending, Settlement and Termination Agreement with Pegasus relating to the Garnet Lake property and portions of the Fredart property.
Imagine has relinquished its right relating to the Garnet Lake property and portions of the Fredart property to Pegasus by receiving 5,000,000 common shares of Pegasus in exchange.
The definitive agreement and the Pegasus agreement remain subject to TSX Venture Exchange approval.
Imagine lithium is focused on exploring its Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario.
The company recently acquired additional claims with additional lithium showings located on strike to the main historical resources.
Imagine Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral projects.
Imagine Lithium Inc. was unchanged at $0.075 at 9:39 AM ET.
