LIFT Signs Definitive Purchase Agreement with SOQUEM for a 25% Interest in the Galinee Property, Quebec

Executive Summary

• Li‑FT Power Ltd. entered into a definitive purchase agreement with SOQUEM Inc. to acquire an additional 25% interest in the Galinée Property, raising its total stake to 75%.
• The consideration for the acquisition is 1,000,000 newly issued common shares of Li‑FT, subject to a four‑month‑plus statutory hold period.
• Transaction completion is conditional on TSX Venture Exchange approval and customary closing conditions.

Key Details

• Transaction Parties: Li‑FT Power Ltd. (buyer/operator) and SOQUEM Inc. (seller).
• Asset Acquired: Additional 25% of the exclusive exploration rights to the Galinée Property in Quebec, Canada.
• Resulting Ownership: Li‑FT will hold 75% of the Galinée Property; SOQUEM retains the remaining 25%.
• Consideration: 1,000,000 common shares of Li‑FT issued to SOQUEM.
• Share Hold Period: All shares issued are subject to a statutory hold period of four months and one day under Canadian securities law.
• Closing Conditions: Subject to receipt of TSX Venture Exchange approval and satisfaction of other customary closing conditions.
• Operator Status: Li‑FT remains the operator of the Galinée Property under the joint‑venture arrangement with SOQUEM.

Notable Quotes

(No direct quotes were provided in the release.)