CALGARY, Alberta, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Integral Metals Corp. (CSE: INTG) (the "Company” or "Integral”) announces that, subject to the satisfaction of customary closing conditions, it has reached an agreement with Volta Metals Ltd. ("Volta”) to sell the Zigzag Project, located in the Thunder Bay Mining Division in Ontario, Canada (the "Zigzag Project”), to Volta and settle the litigation with Volta in respect of Integral's acquisition of the Zigzag Project from Reflex Advanced Materials Corp. (the "Volta Claim”).
Pursuant to the property sale agreement (the "PSA”) entered into between Integral and Volta, Integral has agreed to sell the Zigzag Project to Volta in consideration for C$350,000 in cash and the release by Volta of all claims against Integral with respect to the Volta Claim and related matters. Pursuant to the PSA, Integral has also agreed to release Volta from all claims that it may have with respect to the Volta Claim and related matters. Following the closing of the transactions set forth in the PSA, the Volta Claim, as between Integral and Volta, will be settled.
The sale of the Zigzag Project to Volta and the related settlement of the Volta Claim are subject to certain customary conditions precedent, and are expected to be completed on or about November 8, 2024.
On Behalf of the Board Directors
Paul Sparkes
Chief Executive Officer
825-414-3163
ABOUT INTEGRAL METALS CORP.
Integral is an exploration stage company, engaged in the business of mineral exploration for critical minerals, including gallium and germanium, with the goal of contributing to the development of a domestic supply chain for these minerals. Integral holds properties in mining-friendly jurisdictions in Canada, including the Northwest Territories and Manitoba, where it has received regulatory support for its exploration efforts. The Company is currently focused on the exploration of its material property, the Kap Property, which is comprised of six contiguous claims located in the Northwest Territories.
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Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could”, "intend”, "expect”, "believe”, "will”, "projected”, "estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the closing of the transactions contemplated in the PSA, including the expected timing thereof.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that the Company and Volta will be successful at satisfying the necessary conditions precedent and closing the transactions contemplated in the PSA on the timeline currently anticipated.
Although forward-looking information is based on the reasonable assumptions of the Company's management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that the Company and Volta will be unsuccessful at satisfying the conditions precedent set forth in the PSA and closing the transactions contemplated therein on the timeline currently anticipated, or at all . The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.