2022-09-07 05:30:48
VANCOUVER, BC, Sept. 7, 2022 /CNW/ – EMP Metals Corp. (CSE: EMPS) (OTC: EMPPF) (“EMP Metals” or the “Company“) announces that it has acquired the remaining interest of its subsidiary Hub City Minerals Corp. (“Hub City”) pursuant to the terms of a share purchase agreement among EMP Metals, Hub City Royalty Corp. (“Hub City Royalty”) and the security holders of Hub City (the “Purchase Agreement”). EMP Metals now holds a 75% interest in Hub City Lithium Inc., which owns a highly prospective package of lithium brine focused permits in Southern Saskatchewan (the “Li-Brine Properties”).
Rob Gamley, CEO states, “Our exploration success at the Mansur permit area, returning lithium concentrations in the Duperow formation up to 96.3 mg/l, and the high prospectively of the Li-Brine Properties warranted the acquisition of the remaining interest of Hub City. By granting a net profit interest in Hub City, we ensured no dilution to the public company thereby enhancing shareholder value. We are excited about upcoming drilling activities at the Li-Brine Properties.”
Under the terms of the Purchase Agreement, EMP Metals acquired the remaining 33% of the shares of Hub City from the minority shareholders of Hub City and, in consideration of which, EMP Metals transferred all of the shares of Hub City Royalty to the minority shareholders of Hub City. Hub City Royalty holds a 25% interest in the net profits of Hub City upon commencement of commercial production of the Li-Brine Properties.
About EMP Metals
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. Its current portfolio of lithium brine properties consists of 37 permits totaling 212,633 acres (86,050 hectares) of Subsurface Crown Mineral Dispositions in the Williston basin of Southern Saskatchewan. Brine sampling of a vertical wellbore located on one of the properties returned lithium concentrations in the Duperow formation up to 96.3 mg/l. For more information, please go to the Company’s website at www.empmetals.com.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. EMP Metals cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond EMP Metals’ control. Such factors include, among other things: risks and uncertainties relating to EMP Metals’ limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, EMP Metals undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
