VANCOUVER, BC, May 4, 2023
/CNW/ - Power Metals Corp. ("Power Metals" or
the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF)
is pleased to announce that the Company has entered into an
agreement to sell the 2% Gross Overriding Revenue royalty on the
Case Lake Lithium Project to Lithium Royalty Corp. ("LRC") for
$1,500,000.
Ernie Ortiz, President and CEO of
Lithium Royalty Corp. commented: "This transaction adds the
32nd royalty to the LRC portfolio, our third since our
March 15th, 2023 IPO transaction, and
our sixth royalty in Ontario. We
are pleased to partner with Power Metals Corp at its prospective
Case Lake Project in an established and supportive mining
jurisdiction."
Johnathan More, Chairman of Power
Metals Corp., commented "The funds from this transaction will be
added to a very strong treasury with a current cash position in
excess of $10 million. We are
fully funded for our upcoming summer exploration and drill program
at Case Lake. We welcome Lithium Royalty Corp.'s involvement
and developing our discovery at Case Lake."
Currently, the Company is planning a large-scale drill program
for summer 2023 with plans to drill upwards of 15,000 meters.
Upon completion of the program, the Company intends to conduct a
mineral resource calculation in the next six to nine months.
About Power Metals Corp.
Power Metals Corp. is a
diversified Canadian mining company with a mandate to explore,
develop and acquire high quality mining projects. We are
committed to building an arsenal of projects in both lithium and
high-growth specialty metals and minerals. We see an unprecedented
opportunity to supply the tremendous growth of the lithium battery
and clean-technology industries. Learn more at
www.powermetalscorp.com
ON BEHALF OF THE BOARD,
Johnathan More,
Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
the content of this news release.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws, and may not be
offered or sold in the United
States, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is
for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the
Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based
on current expectations, including the use of funds raised under
the Offering. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, Power Metals assumes no responsibility to update or
revise forward-looking information to reflect new events or
circumstances unless required by law.
Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this press release. Actual
results could differ materially from those currently anticipated
due to several factors and risks including various risk factors
discussed in the Company's disclosure documents which can be found
under the Company's profile onwww.sedar.com.
This press release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The TSXV has neither reviewed nor approved the
contents of this press release.
SOURCE POWER METALS CORP
