Zimtu Capital Corp. Announces Transaction with Umbral Energy Corp. for Tule Valley Project
Vancouver, British Columbia (FSCwire) - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) is pleased to announce that the Company has signed a mineral property acquisition agreement with Umbral Energy Corp. (CSE: UMB) (“Umbral”) whereby Umbral can acquire a 100%-interest in the Tule Valley Project. The project is prospective for lithium.
For its participation in the transaction, Zimtu will receive cash and share payments from Umbral as follows: (i) $10,000 on signing; (ii) 1,500,000 common shares on signing; (iii) $20,000 within 2 months of signing; (iv) $30,000 within 3 months of signing; (v) $100,000 within 12 months of signing; (vi) 1,500,000 common shares within 12 months of signing.
The Tule Valley Project is 4,800 acres and is located approximately 190km southwest of Salt Lake City, Utah. Umbral anticipates conducting exploration including geophysics and drilling to evaluate the potential for a mass brine deposit.
Zimtu Capital Corp., along with its prospecting partners, continues to evaluate and acquire prospective resource properties for sale or joint venture. As part of the Company's business, Zimtu provides mineral property project generation and advisory services and helps to connect companies with mineral properties of interest.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows natural resource companies. The Company also provides mineral property project generation and advisory services helping to connect companies to properties of interest. For more information please visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements in this news release include that Umbral Energy can purchase a 100%-interest in certain mineral claims located in Utah, USA; that in consideration for its interest, Zimtu will receive cash and share payments from Umbral; that Umbral anticipates conducting exploration including geophysics and drilling; and that Zimtu, along with its prospecting partners, continue to evaluate and acquire prospective resource properties to make available for sale or joint venture. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.