- Petrolympic (PCQ) has announced that the TSX Venture Exchange has accepted the documentation pertaining to a purchase agreement
- The company and the vendors have amended the terms of the purchase agreement to acquire the Basserode Lithium and Fournière Lithium properties
- These properties are in the emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d’Or, Quebec
- Petrolympic Ltd is an exploration company engaged in the acquisition, exploration, and development of petroleum light crude oil and natural gas properties in North America
- Petrolympic Ltd. was up 6.667 per cent, trading at $0.08 at 2:03 PM ET
Petrolympic (PCQ) has announced that the TSX Venture Exchange has accepted the documentation pertaining to a purchase agreement.
The company and the vendors have amended the terms of the purchase agreement to acquire the Basserode Lithium and Fournière Lithium properties.
These are in the emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d’Or, Quebec.
Both properties are covered by a network of trails and logging roads allowing for good access and effective exploration with reduced exploration costs.
The Basserode and Fournière properties lie within the rapidly emerging Cadillac-Pontiac lithium belt.
This is a belt where large properties have recently been assembled by companies such as Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and Winsome Resources Inc.
The properties are situated in a highly favourable geological context for lithium exploration in the geological Pontiac Sub-province, which is located south of the Abitibi Greenstone Belt and is bounded by the Larder Lake-Cadillac Deformation Zone to the north and by the Grenville Front to the south.
As part of the original agreement, the vendor was to receive 500,000 common share purchase warrants conditional on the completion of a future flow-through financing and subject to the terms of such financing.
The amended agreement states that the 500,000 warrants to be issued shall be exercisable to purchase one common share of the purchaser at a price not less than $0.07 per common share.
Petrolympic Ltd is an exploration company engaged in the acquisition, exploration, and development of petroleum light crude oil and natural gas properties in North America.
Petrolympic Ltd. was up 6.667 per cent, trading at $0.08 at 2:03 PM ET.
