Metals Update 21/01/2021

Alpha Lithium to offer warrant exercise program

Alpha Lithium Corp. has determined it is in the best interest of shareholders to raise additional capital to finance its business plans. The company does not, however, wish to dilute its current shareholders any further than is absolutely necessary. Accordingly, the company has determined to implement an early warrant exercise program as more particularly described below for eligible outstanding warrants. The essential elements of the incentive program are that the company will issue additional warrants to current eligible warrantholders in consideration of the early exercise of outstanding eligible warrants. The company notes the implementation of the incentive program is subject to TSX Venture Exchange approval.

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Ynvisible appoints Robinson as CEO

Ynvisible Interactive Inc. has appointed Michael Robinson as its new chief executive officer. Jani-Mikael Kuusisto is appointed as senior vice-president, ventures, and continues as vice-chairman of the board of directors.

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Highgold drills 11 m of 8.6% Zn at Johnson Tract

Highgold Mining Inc. has released new assay results from the 2020 exploration drilling program at its flagship Johnson Tract polymetallic gold project in south-central Alaska. Results reported today include drill intersections that continue to expand the down-plunge and up-plunge extents of the JT deposit (JT) and also demonstrate the continuity of the deeper footwall copper-silver zone (FCZ).

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QMX suitor Eldorado offers $132M in cash, shares

Eldorado Gold Corp. and QMX Gold Corp. have entered into a definitive arrangement agreement pursuant to which Eldorado will acquire all of the outstanding shares of QMX (not already owned by Eldorado) for total consideration of approximately $132-million on a 100-per-cent and fully diluted basis or 30 cents per QMX share. Eldorado currently owns 68,125,000 shares of QMX, or approximately 17 per cent of QMX shares outstanding, which it purchased at six cents per share in a private placement on Dec. 30, 2019.

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GR Silver Mining appoints Catchpole as exploration VP

GR Silver Mining Ltd. has appointed Dr. Honza Catchpole as vice-president of exploration, effective Jan. 20, 2021.

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Orea Mining closes $1.4-million financing

Orea Mining Corp. has closed its non-brokered private placement previously announced on Jan. 14, 2021.

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American Manganese prepares reactor for production

American Manganese Inc.’s specialized cathode reactor is being prepared to produce its first test batch of cathode precursor materials. American Manganese acquired the specialized reactor for cathode precursor production, which is a valuable input for lithium-ion battery manufacturing. The reactor is capable of producing modern cathode materials such as lithium-nickel-manganese-cobalt oxide (NMC) and lithium-nickel-cobalt-aluminum oxide (NCA), both of which are commonly used in electric vehicle batteries.

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Cartier Resources begins drilling 30,000 m at Benoist

Cartier Resources Inc. has commenced drilling on the Benoist property, located 65 kilometres northeast of Lebel-sur-Quevillon in the province of Quebec. The program follows the maiden NI 43-101 resource estimate published Dec. 17, 2020. Two drill rigs with directional drilling crews will be employed to complete the four-phase program for a total of roughly 30,000 metres.

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Greencastle closes $100,000 private placement

Greencastle Resources Ltd. has closed its previously announced non-brokered private placement through the issuance of an aggregate of one million units of the company at a price of 10 cents per unit for gross proceeds of $100,000.

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Frontier Lithium plans phase IX drilling at PAK

Frontier Lithium Inc. is planning a phase IX diamond drill program on the PAK lithium project, located in the Red Lake area of Northwestern Ontario. The imminent 3,000 metre diamond drill program is driven by recommendations from a pre-economic assessment (PEA) report that is currently under way. The 15-hole program is designed to primarily upgrade the 12.2 million tonnes (MT) of inferred resource on the Spark deposit to indicated and measured categories as well as to step-out on the known resource for potential expansion. The PAK lithium project contains Ontario’s highest-grade and largest lithium resource which is located in an emerging premium lithium mineral district referred to as the “Electric Avenue” that is located in the Great Lakes region of Northern Ontario.

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Eloro Resources prospectus offering

Effective Dec. 30, 2020, the company’s final short form prospectus dated Dec. 29, 2020, qualifying the distribution of up to 3,548,400 units of the company, excluding underwriters’ overallotment option, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the Ontario Securities Commission as principal regulator. Under Multilateral Instrument 11-102, Passport System, the prospectus is deemed to have been filed with and receipted by each of the British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador securities commissions.

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Critical Elements arranges $10-million financing

Critical Elements Lithium Corp. has entered into an agreement with Paradigm Capital Inc. and Cantor Fitzgerald Canada Corp. (the co-lead underwriters), on behalf of a syndicate of underwriters, in connection with a bought deal private placement offering of 9,091,000 units of the corporation to be issued at $1.10 per unit for gross proceeds of $10,000,100.

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GoviEX closes $8-million private placement

GoviEX Uranium Inc. has completed a non-brokered private placement with the issue of 32 million units at a price of 25 cents per unit for gross proceeds of $8-million.

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Power Metals, Exiro Minerals property agreement amended

The TSX Venture Exchange has accepted for filing a fifth amending agreement dated Oct. 30, 2020, between Power Metals Corp. and Exiro Minerals Corp. (the vendor), amending an agreement dated May 1, 2017, and subsequently amended Aug. 23, 2017, April 25, 2018, April 10, 2019, and May 1, 2020. In lieu of $75,000 cash and 384,621 shares due, the company will issue 920,000 common shares.

For additional details, please see the company’s news release dated Dec. 24, 2020.

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