The TSX Venture Exchange has accepted for filing documentation relating to the amended and restated share exchange agreement dated June 20, 2023, between the company and arm's-length parties. Pursuant to the terms of the agreement, the company will acquire the Bliss Lake lithium pegmatite project in the Northwest Territories, Canada.

As total consideration, the company will issue to the vendors 514,286 common shares of the company at 25 cents per share ($128,571) at time of closing. The company will further issue up to 1.25 million common shares of the company (with a floor price per share of 20 cents) one year from closing if an assay result of a sample from the property during the 12 months after the closing date yields a grade of at least 0.5 per cent lithium oxide (Li2O), and further issue up to 1.25 million common shares of the company (with a floor price per share of 20 cents) two years from closing if an assay result of a sample from the property during the 24 months after the closing date yields a grade of at least 0.5 per cent Li2O. In the event that the company announces a mineral resource estimate of at least five million tonnes of measured, indicated and inferred resources containing Li2O grading of at least 1.00 per cent on the mining claims on the property, the company will pay an additional $300,000 cash payment within five days of the announcement to certain vendors.

Certain vendors will retain a 1.0-per-cent net smelter royalty on the property, of which up to 0.5 per cent may be repurchased by the company for $500,000 at any time.

The company will issue 57,142 common shares of the company at 25 cents per share as a finder's fee to an arm's-length party.

For further information, refer to the company's news releases dated May 11, 2023, June 28, 2023, and Aug. 16, 2023.