Kenorland enters agreement to sell lithium projects to Targa Exploration

Published by Joe Toft, Editorial Assistant
Global Mining Review, Thursday, 15 December 2022 11:00

Kenorland Minerals Ltd. has announced that it has entered into a definitive purchase agreement with Targa Exploration Corp., a British Columbia company, pursuant to which Targa will acquire a 100% interest in and to 844 mining claims making up the Opinaca Lithium project located within the James Bay region of northern Quebec, along with rights to two mineral exploration license (MEL) applications which cover numerous lithium-bearing pegmatite occurrences in eastern Manitoba (the Superior project and together with the Opinaca project).

As consideration for the projects, Targa will issue to Kenorland 4 377 375 common shares of Targa, grant Kenorland a 3% net smelter royalty over the projects and pay Kenorland US$100 000 in cash at the closing of the sale of the projects. Following the closing, Kenorland shall be entitled to receive 9.9% of the common shares or other equity securities issued by Targa in future financings until Targa has raised an aggregate of not less than US$5 million pursuant to such financings. The parties expect that the closing will occur in January 2023.

Read the article online at: https://www.globalminingreview.com/mining/15122022/kenorland-enters-agreement-to-sell-lithium-projects-to-targa-exploration/

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