VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 22, 2017) - Power Metals Corp.("Power Metals Corp." or the "Company") (TSX VENTURE:PWM) (FRANKFURT:OAA1) (OTC:AOUFF) is pleased to announce that it has signed the Definitive Agreement (the "Definitive") with MGX Minerals Inc. (CSE:XMG) (CSE:XMG.CN) (CNSX:XMG) previously announced through a Binding LOI Agreement on August 2nd, 2017.
The concluded transaction terms are as follows:
- XMG acquires all of the Company's current U.S. Petrolithium Brine assets.
- XMG acquires a 20 percent working interest in all of the Company's current hard rock assets and any future assets that the Company acquires for the following 36 months.
- XMG has the right to purchase an additional 15 percent working interest of the Company's hard rock assets for a period of 36 months for a total of C$10,000,000.
- XMG receives a call option to purchase up to 10,000,000 common shares of PWM at a price of C$0.65 per share for a period of 36 months.
- XMG pays to PWM 3,000,000 common shares of XMG.
Final completion of the transaction is subject to final regulatory approval from both the Canadian Securities Exchange ("CSE") and the TSX Venture Exchange ("TSXV").
About Power Metals Corp.
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals, including zeolites. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com.
