Cygnus Metals Limited completed the acquisition of Auclair Lithium Project in James Bay from Osisko Development Corp. for CAD 9.6 million.
Cygnus Metals Limited (ASX:CY5) completed the acquisition of Auclair Lithium Project in James Bay from Osisko Development Corp. (TSXV:ODV) for CAD 9.6 million on April 11, 2023. Under the revised terms of the transaction, Osisko will take Cygnus shares in lieu of the upfront cash, and an an additional milestone payment in Cygnus shares or cash if Cygnus achieves a 10Mt Li2O Resource. As part of the revised terms, Cygnus will issue 2.5 million Cygnus shares, subject to 12 months? escrow; and a deferred consideration of: (i) CAD 3 million in shares or cash (at Cygnus?s election) when the company achieves a JORC Code 2012 compliant mineral resource estimate of an inferred or greater category (MRE) of three million tonnes or greater containing not less than 1.2% Li2O3 on the Auclair property; (ii) CAD 3 million in shares or cash (at Cygnus? election) when the Company achieves an MRE at Auclair of 1Moz Au or greater at a minimum of 3 g/t; and (iii) CAD 3 million in shares or cash (at Cygnus?s election) when the company achieves an MRE of ten million tonnes or greater containing not less than 1.2% Li2O3 on the Auclair property.