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VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the "Company" or "Zimtu") announces that it has closed the previously announced sale to Discovery Lithium Inc. (the "Purchaser") of two separate packages of mining claims, located approximately 350 km northwest of Thunder Bay, Ontario , generally known as the Eagle Lake claims and the Whitefish Lake claims (together, the "Claims"). Pursuant to a claims sale agreement dated July 15, 2024 between the Company and the Purchaser (the "Agreement"), the Company agreed to sell a 100% interest in the Claims to the Purchaser in exchange for the consideration set forth below (the "Transaction"). The Claims are comprised of 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres) in Northwestern Ontario.
Terms of the Transaction
The Transaction closed on September 17, 2024, and the Company received the following consideration on Closing for the Claims:
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an aggregate of 2,000,000 common shares in the capital of the Purchaser ("DiscoveryShares"); and
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a 1% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production.
Pursuant to the Agreement, a cash payment in the amount of $432,778,50 is payable by the Purchaser to the Company within 180 days following Closing.
In addition, the Purchaser has assumed the Company's obligations with respect to certain payments owed to other parties in connection with a claims sales agreement and a net smelter returns royalty agreement previously entered into by the Company relating to the Claims.
The Discovery Shares are subject to a hold period expiring four months and one day following Closing.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol "ZC" and Frankfurt under symbol "ZCT1". For more information, please visit https://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"Sean Charland"
Sean Charland
President & Director
Phone: 604.681.1568
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