- Spey Resources Corp. (SPEY) has signed an agreement to acquire all of the shares of Lithium Energy Metal Corporation
- Lithium Energy owns four projects in the James Bay Region of Quebec
- To complete the acquisition as set out in the terms of the agreement, Spey Resources will issue an aggregate of 8,900,000 common shares to the shareholders of Lithium Energy
- Spey Resources Corp. is a Canadian mineral exploration company
- Spey Resources Corp. opened trading at C$0.21 per share
Spey Resources (SPEY) has signed an agreement to acquire all of the shares of Lithium Energy Metal Corporation.
Lithium Energy owns the following four projects in the James Bay Region of Quebec:
- The 454 Block Project – consists of 10 contiguous claims (513 hectares). The claims occur within the Archean Langelier Complex, which are the oldest rocks in the Le Grand sub-province of the regional Superior Province and comprises foliated tonalite with hornblende-biotite magnetite.
- The West Lac Corvette Project – consists of 10 contiguous claims (513 hectares). The claims cover Mesoarchean rocks of the Rouget Formation, derived from basalts as well as Neoarchean Marbot Formation wackes (with injections of granite), and the southern margin of the Mesoarchean tonalite pluton (post de Le Moyne).
- The Trieste Project – consists of two separate contiguous blocks totalling 50 claims and covering 2,575 hectares (618 hectares north and 1,957 hectares south), with mylonite and amphibolite rocks of the Mesoarchean Trieste Formation that were derived from basalts.
- Salomon Project – 100 claims in two separate continuous blocks, covering 5,155 hectares. The project includes Mesoarchean mylonites and amphibolites, as well as younger Neoarchean metamorphic wackes and arkoses.
To complete the acquisition as set out in the terms of the agreement, Spey Resources will issue an aggregate of 8,900,000 common shares to the shareholders of Lithium Energy.
If the company is satisfied with its due diligence review and all customary and regulatory approvals are received, the closing of the acquisition can occur.
Spey Resources Corp. is a Canadian mineral exploration company which holds two option agreements to acquire a 100-per-cent interest in the Candela II and Pocitos II lithium brine projects and a 20-per-cent interest in the Pocitos I lithium project, all of which are located in the Salta Province, Argentina.
Spey Resources Corp. opened trading at C$0.21 per share.
