VANCOUVER, British Columbia, Feb. 18 2022 (GLOBE NEWSWIRE) — NexOptic Technology Corp. (“NexOptic”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1) announces that it has awarded Selten Metal Corp. extension of their initial agreement, as announced in a joint press release on December 16, 2021. The purpose of the extension is to give Selten additional time to finalize its structuring plans prior to listing in Canada. The agreement grants Selten an option to acquire up to a 100% interest in the THOR Heavy & Light Rare Earth Element (“THOR”) project wholly owned by NexOptic.
As previously announced, in order for Selten to acquire an initial 75% interest in the THOR project, Selten must: (a) make a cash payment of $1,100,000 to NexOptic, which, pursuant to the amendment, must now be effected 90 business days after the execution of the Option Agreement (b) on the date of any listing of Selten, or its successor, on a recognized stock exchange in Canada (the “Listing Date”), issue to NexOptic the number of ordinary shares in its capital which will represent 9.5% of the Selten shares issued and outstanding after the issuance, (c) issue to NexOptic 500,000 additional shares on the date which falls 12 months after the listing date and (d) issue to NexOptic an additional 500,000 shares on the date which is 24 months after the listing date. If a quote date does not occur within 24 months of the date of the final option agreement, the original option will terminate.
Upon exercise of the initial option, Selten will be granted the additional option to acquire the remaining 25% stake in THOR, by issuing to NexOptic an additional number of Selten shares in its capital representing 9.5% of Selten Shares issued and outstanding after-issue, which issue will take place on the date which is either 36 months after the Listing Date or 48 months after the Listing Date, at Selten’s discretion.
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terms such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations thereof. of such words, or statements that certain actions, events, or results “could”, “might”, “will”, “could”, “will be taken”, “will occur” or “will be achieved”. Forward-looking statements in this press release include, but are not limited to, statements regarding the definitive agreement, expectations regarding the ETR application and plans regarding exploration on the THOR Project. Forward-looking statements involve risks, uncertainties and other factors disclosed under “Risk Factors” and elsewhere in NexOptic’s filings with Canadian securities regulators, which could cause results, performance, Actual prospects and opportunities differ materially from those expressed or implied by such statements. forward-looking statements. Although NexOptic believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based on information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by such statements. . Readers are therefore cautioned not to place undue reliance on such statements, which speak only as of the date of this press release, and no assurance can be given whether such events will occur within the time frames stated or not. at all. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contact:
Phone. : +1 (604) 669-7330 extension 202
Email: [email protected]