Infinity Stone Ventures Corp. entered a mining claims purchase agreement to acquire TESLA iron project located in Quebec, Canada from Boivin Explorations Ltd., Glenn Giles and Jeremy Close for CAD 54.1 million.

Infinity Stone Ventures Corp. (CNSX:GEMS) entered a mining claims purchase agreement to acquire TESLA iron project located in Quebec, Canada from Boivin Explorations Ltd., Glenn Giles and Jeremy Close for CAD 54.1 million on December 22, 2023. Giles has also been appointed Interim Chief Executive Officer of the Company, and Mr. Close as Interim Chief Financial Officer.

Consideration is CAD 54 million payable on commencement of commercial production to the Vendors and, upon on regulatory approval and the issuance of an aggregate of 7.5 million Class A Subordinate Voting Shares to the Vendors, subject to resale restrictions of a four month one day hold period. Glenn Giles and Jeremy Close have been appointed as interim Chief Executive Officer and interim Chief Finance Officer, respectively, and as directors of the Company.