Vancouver, British Columbia–(Newsfile Corp. – March 29, 2023) – Cashbox Ventures Ltd. (CSE: CBOX.X) (the “Corporation” or “Cashbox“) is pleased to announce that Cashbox, LICAN Exploration Inc. (“LICAN“) and the shareholders of LICAN have entered into a definitive share exchange agreement (the “Definitive Agreement“) in respect of their previously announced business combination (see January 18, 2023 news release). Under the terms of the Definitive Agreement, Cashbox will acquire LICAN, and will continue as a mining issuer focused on the exploration and development of mineral properties in Ontario (the “Transaction“).
LICAN is a private Ontario company which has a portfolio of lithium exploration properties under option in Northern Ontario (the “Optioned Properties“). Pursuant to the Definitive Agreement, Cashbox has agreed to acquire all of the issued and outstanding shares of LICAN. Each LICAN shareholder will receive, in exchange for each LICAN share it holds, 0.4078 of a common share in the capital of Cashbox at a deemed issuance price of $0.10 per share, resulting in the issuance of 4,975,160 Cashbox shares after giving effect to a 10:1 share consolidation of Cashbox’s existing shares. At closing, and prior to giving effect to Cashbox’s $1,750,000 subscription receipt offering (see March 2, 2023 news release), existing Cashbox shareholders will hold approximately 75% of the combined entity (the “Resulting Issuer“) and the former shareholders of LICAN will hold the remaining 25% interest.
At closing, the Resulting Issuer will change its corporate name from “Cashbox Ventures Ltd.” to “Volta Metals Ltd.” and subject to the approval of the Canadian Securities Exchange (the ”CSE“), trade on the CSE under a new trading symbol.
The Resulting Issuer to maintain the right to earn a 100% ownership in the Optioned Properties, subject to underlying royalties;
The Optioned Properties are lithium exploration projects in two prolific emerging hard-rock lithium districts, Root Lake and the Seymour Falcon corridor;
All of the Optioned Properties are road accessible, with the flagship Falcon West Project having historic drill logs and 2022 channel sample results; and
Portfolio includes seven projects totaling over 19,000 hectares, with exploration programs expected to commence in the third quarter of 2023.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160473