ROUYN-NORANDA, QC, Aug. 9, 2024
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE: 8QY)
("Comet Lithium" or the "Corporation") is pleased to
announce that it has closed the previously announced transaction
with Troilus Gold Corp. ("Troilus Gold"), whereby it has
acquired three prospective lithium projects from Troilus Gold for
total consideration comprised of 1,500,000 common shares of the
Corporation, the grant of a 24-month participation right to Troilus
Gold allowing Troilus Gold to participate in any equity financing
in order to maintain its equity percentage in the Corporation,
subject to certain conditions including Troilus Gold holding at
least 750,000 common shares of Comet Lithium at the time of the
equity financing, and a grant of a 2% net smelter royalty with
right to buyback 1% for $3 million on
each of three prospective lithium projects (see Comet Lithium's
press release dated July 15, 2024 for
more details on the transaction and a summary of the projects
acquired from Troilus Gold).
About Comet Lithium Corporation
Comet Lithium is a dynamic lithium-focused exploration company
active in the prolific James Bay
District of Quebec. Comet
Lithium's flagship asset is its 100%-owned Liberty Property
contiguous to Winsome Resources' Adina lithium deposit, a growing
high-grade lithium discovery.
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 the release.
SOURCE Comet Lithium Corporation
