Newfoundland Discovery Enters into LOI to Sell Chubb Lithium Property

Oct 20, 2022

NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD, OTC: NEWDF, FSE: M4K-FF) (“Newfoundland Discovery” or the “Company”) is pleased to announce that the Company has entered into a binding letter of intent (the “LOI”) whereby the Company has granted Mining Equities Pty Ltd. (“Mining Equities”), an Australian company, the right to acquire a 100% interest in the Chubb Lithium Property, consisting of thirty-five (35) mineral claims comprising approximately 1,509 hectares, located in Quebec, Canada (the “Property”);

Under the terms of the LOI, Mining Equities may acquire a 100% interest in the Property by:

paying the Company C$500,000 and issuing such amount of shares having a value of C$1,200,000 (“Consideration Shares”) in a company that is listed on the Australian Securities Exchange (the “ASX listed Company”), using the Volume Weighted Average Price (“VWAP”) over the five (5) days prior to closing; and
The Company shall assign to Mining Equities its buy-back rights on an underlying 1% net smelter returns royalty payable to Mineral Hills Industries Limited (“Mineral Hills”), whereby the Company may purchase 1% for C$200,000 at any time.

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