TORONTO, June 03, 2020 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (JOR.V) (“Jourdan” or the “Company”) is pleased to announce that, pursuant to an amending agreement (the “Amending Agreement”) entered into with Infinite Ore Corp. (“Infinite”; TSX-V: ILI; formerly Alix Resources Corp.) in connection with an option agreement, it has increased its percentage interest of an option (the “Infinite Option”) it holds in Infinite’s 145 claim Preissac-Lacorne lithium portfolio (the “Portfolio”) from 75% to 100%. For more information about the Infinite Option, please see the Company’s press releases dated May 9, 2017 and May 16, 2017, which are available under the Company’s SEDAR profile at www.sedar.com.
In consideration for the increased percentage in the Portfolio, the parties agreed to adjust the consideration payable by the Corporation to exercise the Infinite Option to: (i) the $50,000 already paid to Infinite, as announced on May 16, 2017, (ii) the 600,000 common shares of the Corporation already issued to Infinite, as announced on May 16, 2017, and, (iii) the issuance to Infinite of an additional 8,100,000 common shares of the Corporation (the “Consideration Shares”).
The Consideration Shares issuable in connection with the Infinite Option will be subject to the approval of the TSX Venture Exchange (“TSXV”) and will be subject to a statutory four month and one day hold period.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR on the TSX-V and 2JR1 on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s producing Quebec Lithium Mine. This mine is part of Contemporary Amperex Technology Co. Limited (CATL), China’s largest automotive battery manufacturer.
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This news release contains certain forward-looking statements, including statements regarding the Corporation’s exercise of the Infinite Option and the TSXV’s approval of the issuance of the Consideration Shares. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.