VANCOUVER, British Columbia, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Reflex Advanced Materials Corp. (CSE:RFLX) (OTCQB:RFLXF) (FSE:HF2) ("Reflex" or the "Company") is pleased to announce that it has sold a 100% interest in the ZigZag Lake Lithium Property (the "Property"), located near Crescent Lake, Ontario, to Integral Metals Corp. (the "Purchaser") pursuant to a property purchase agreement dated January 8, 2024 (the "Purchase Agreement").
Pursuant to the Purchase Agreement, the Purchaser has paid $400,000 to the Company and issued 1,000,000 common shares in the capital of the Purchaser (the "Consideration Shares") in consideration for the Property. In connection with the closing of the Property acquisition by the Purchaser, Reflex exercised its option in respect of the Property in accordance with the mineral property option agreement dated September 1, 2021, following which it conveyed title to the Property to the Purchaser pursuant to the Purchase Agreement. The Consideration Shares will be subject to an indefinite hold period under applicable securities laws that will expire four months and one day after the later of the date of issuance of the Consideration Shares and the date that the Purchaser has become a reporting issuer in any province or territory of Canada. In addition, the Consideration Shares will be subject to a 24-month escrow release schedule with 250,000 Consideration Shares being released every six months following issuance. No finder's fees or commissions are being paid in connection with the sale of the Property.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul Gorman
CEO & Director
Reflex Advanced Materials Corp.
Suite 915 - 700 West Pender Street
Vancouver, BC V6C 1G8 Canada
Tel: (778) 837-7191
Email: info@reflexmaterials.com
About Reflex Advanced Materials
Reflex Advanced Materials Corp. is a mineral exploration company based in British Columbia. Its objective is to locate and, if warranted, develop economic mineral properties in the strategic metals and advanced materials space. It is focused on improving domestic specialty mineral infrastructure efficiencies to meet surging national demand by North American manufacturers. The Company is working to advance its Ruby Graphite Project, located in Beaverhead County, Montana, and ZigZag Property, located in Thunder Bay Mining Division, Crescent Lake Area, Ontario.
For more information, please review the Company's filings available at and visit the Company's website at .
Forward-Looking Statements
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to sale of the Property and the receipt of all necessary regulatory and other approvals are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Reflex, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Reflex does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
