NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD, OTC: NEWDF, FSE: M4K-FF) (“Newfoundland Discovery” or the “Company”) is pleased to announce that, further to its news release dated January 17, 2023, the Company has closed the acquisition of all issued and outstanding securities of 1000377311 Ontario Inc. (“Ontario Inc”), representing a 100% interest in Ontario Inc (the “Transaction”).
Ontario Inc is the sole beneficial owner of the Sugaree property a 2,376-hectare mineral lithium exploration property located in the Quetico Subprovince located roughly 15 kilometers south of Hearst, Ontario with easy access by forestry roads. The 340 claims have demonstrated preferred geologic environments with S-type granitoids, and pegmatites hosted by metamorphosed sediments (paragneiss) and metavolcanics. The property is adjacent to Brunswick exploration’s newly staked ground, containing both a spodumene and a lepidolite (lithium-rich mica) zone. There is high potential for additional discoveries in our newly consolidated land package.
Transaction Terms
Pursuant to the Transaction, the Company paid the shareholders of Ontario Inc $20,000 and issued 32,000,000 common shares in the capital of the Company (the “Shares”). The Shares were issued pursuant to an exemption from the prospectus requirements under applicable securities laws pursuant to Section 2.16 of National Instrument 45-106 and therefore the Shares are free-trading upon issuance.
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