Reflex Advanced Materials (CSE: RFLX) (OTCQB: RFLXF) (FSE: HF2), a mineral exploration company, has sold 100% interest in its ZigZag Lake Lithium property to Metals Corp. The property is located near Crescent Lake, Ontario. The purchase agreement was dated Jan. 8, 2024. According to the announcement, Metals Corp. paid $400,000 to Reflex and issued one million common shares for the property. The announcement noted that, in connection with the closing of the acquisition, Reflex exercised its option in accordance with the mineral property option agreement dated Sept. 1, 2021, following which it conveyed the property title to the purchaser. According to the agreement, consideration shares will be subject to a hold period under applicable securities laws; that hold period will expire four months and one day after the consideration shares are issued or the purchaser becomes a reporting issuer in any province or territory of Canada, whichever is later. In addition, the shares will be subject to a 24-month escrow release schedule with 250,000 shares being released every six months following issuance.
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About Reflex Advanced Materials Corp.
Reflex Advanced Materials is a mineral exploration company based in British Columbia. The company’s objective is to locate and, if warranted, develop economic mineral properties in the strategic metals and advanced materials space. The company is focused on improving domestic specialty mineral infrastructure efficiencies to meet surging national demand by North American manufacturers. The company is also 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 about the company, visit www.ReflexMaterials.com.
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