Scout Minerals Corp. entered into a definitive agreement to acquire Land Package Prospective for Spodumene-Bearing Lithium Pegmatites in Quebec's Nunavik Region from Shawn Ryan and Syndicate for CAD 5.6 million.

Scout Minerals Corp. (CNSX:SCTM) entered into a definitive agreement to acquire Land Package Prospective for Spodumene-Bearing Lithium Pegmatites in Quebec's Nunavik Region from Shawn Ryan and Syndicate for CAD 5.6 million on April 6, 2023. Scout is purchasing the above-mentioned claims from Shawn Ryan and Syndicate in exchange for CAD 1,200,000 in cash, 8,000,000 common shares of the Company, and the grant of a 1% net smelter return royalty.

The Consideration Shares will be subject to an escrow arrangement whereby one-third of the Consideration Shares will be released from escrow every six months after the closing of the Agreement, with the first such release date to occur on the date that is six months from Closing. The Agreement is subject to customary closing conditions. Closing is expected to occur on or about May 31, 2023.