Vancouver, British Columbia--(Newsfile Corp. - June 9, 2025) - Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF) (FSE: WS0) ("LIFT" or the "Company") is pleased to announce that it has entered into a definitive agreement with Power Metallic Mines Inc. (TSXV: PNPN) for the sale of a 100% interest in 313 claims from the Rupert Project, Quebec.
In consideration for the 313 claims, LIFT will receive:
- C$700,000 in cash on closing
- 6,000,000 shares on closing
- 3,000,000 of 6,000,000 shares issued are also subject to a contractual, time-based restriction on transfer for 12 months from the closing
- 0.5% net smelter returns (NSR) royalty (no buyback provision)
The transaction is subject to customary closing conditions, including regulatory approvals where applicable Following the completion of this transaction, LIFT will retain a total of 2,203 claims comprising the Rupert Project in Quebec.
Figure 1 - Location of LIFT's Rupert Project along with the 313 claims being sold to PNPN.
Francis MacDonald, CEO of LIFT comments, "This transaction unlocks value within LIFT's portfolio with the divesture of non-core claims and allows us to participate in the exciting discoveries that Power Metallic has made. With the current lithium market conditions remaining challenging, this transaction provides optionality for a non-dilutive source of capital down the road. We look forward to seeing the progress that Power Metallic will make in the coming months."
Qualified Person
The disclosure in this news release of scientific and technical information regarding LIFT's mineral properties has been reviewed and approved by Don Cummings, P.Geo., OGX Member 2183 and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).
About LIFT
LIFT is a mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects located in Canada. The Company's flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. LIFT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Group.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: + 1.604.609.6185
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.li-ft.com
Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward-looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 21, 2025, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
Neither the 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 news release.
