Vertical Exploration Closes on Additional Prospective Properties Near the Company’s St-Onge Wollastonite Project in Quebec
VANCOUVER, BC / January 27th, 2022 / VERTICAL EXPLORATION INC. (TSX-V: VERT) (“Vertical” or “the Company”) is pleased to announce that further to the news release disseminated January 17, 2022 it has closed on the option agreement to earn a 100% interest in four strategic wollastonite properties, including two located near the Company’s 100% owned flagship St-Onge Wollastonite project in the Lac-Saint-Jean area in the Province of Quebec.
Terms of the acquisition in order to acquire a 100% interest in all four properties, require Vertical to issue 3.5 million common shares and make a one-time cash payment of $25,000 to the arm’s length vendors. In addition, a $5 per tonne royalty on the first million tonnes of raw unprocessed ore produced from the properties will be granted to the vendors, and for all additional tonnes of unprocessed material a $1 per tonne royalty will be granted. As well, products from the properties sold other than as raw unprocessed ores, including concentrates, leachates or refined products, will be subject to a gross overriding royalty of 2% of the fair value of the products sold by the Company, subject to a minimum of $5 per tonne for the first million tonnes of products and $1 per tonne for any number of additional products. Finally, the vendors will retain all rights to amazonite and gemstones on the properties.
ABOUT VERTICAL EXPLORATION Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).