PXI:CC - Planet Ventures to Acquire Additional Quebec Mineral Claims
(TheNewswire)
August 10, 2023 – TheNewswire - Vancouver, B.C. – Planet Ventures Inc. ( TSXV:PXI) (the“ Company ” or “ PlanetVentures ”) , is pleased to announce that the Company has entered into aclaim sale agreement (the “ Definitive Agreement ”) among the Company,Wildwood Exploration Inc. (“ Wildwood ”), Shawn Ryan (“ Ryan ”), and IsaacFage ( “Fage ”) pursuant to which the Company has agreed to purchase 413mineral claims located in the Province of Quebec (the “ Pow Claims ”). It isanticipated that the Pow Claims will be held by the Company’swholly-owned subsidiary, Planet Ventures Exploration Inc.(“ Subco ”).
As consideration for the Pow Claims, the Company hasagreed to (i) pay Wildwood $125,000 in cash, and (ii) issue to Ryanand Fage, an aggregate of 1,000,000 common shares in the capital ofthe Company (the “ Consideration Shares ”). The ConsiderationShares will be subject to escrow conditions pursuant to which (i) 1/3of the Consideration Shares will be released from escrow four (4)months and a day after the date on which the Company acquires the PowClaims (the “ ClosingDate ”), (ii) 1/3 of the Consideration Shareswill be released eight (8) months after the Closing Date, and (iii)1/3 of the Consideration Shares will be released twelve (12) monthsafter the Closing Date. Additionally, the Company will grant to Ryan,a 1% net smelter return royalty on the Pow Claims.
The transaction is at arms-length and expected to be areviewable transaction pursuant to TSX Venture Exchange(“ TSXV ”) Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets.
ABOUT PLANET VENTURES
Planet Ventures is an investment issuer listed on theTSXV that is focused on investing in disruptive companies andindustries that have high growth potential. Planet Ventures’ uniqueportfolio driven investment policies provide its investors with accessto emerging and high-growth opportunities while shielding them fromany formidable downside. For more information, please visit PlanetVentures’ website: https://planetventuresinc.com/ .
ON BEHALF OF THE BOARD OF DIRECTORS
“Christopher Cooper”
Christopher Cooper
Director
FOR FURTHER INFORMATION, PLEASE CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Email: info@planetventuresinc.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information set forth inthis news release may involve forward-looking statements underapplicable securities laws. Forward-looking statements are statementsthat relate to future, not past, events. In this context,forward-looking statements often address expected future business andfinancial performance, and often contain words such asanticipate", believe", "plan","estimate", "expect", and "intend",statements that an action or event "may", "might","could", "should", or "will" be taken oroccur, or other similar expressions. All statements, other thanstatements of historical fact, included herein including, withoutlimitation; statements about the transfer and registration of the PowClaims to Subco, the completion of the Pow Claims acquisition asproposed, or at all, and the Company obtaining TSXV approval for the acquisition of thePow Claims, are forward-looking statements. By their nature,forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause our actual results,performance or achievements, or other future events, to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Although theCompany believes the expectations expressed in such forward-lookingstatements are based on reasonable assumptions, such statements arenot guarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors thatcould cause the actual results to differ materially from those inforward-looking statements include market prices, continuedavailability of capital and financing, and general economic, market orbusiness conditions. Investors are cautioned that any such statementsare not guarantees of future performance and actual results ordevelopments may differ materially from those projected in theforward-looking statements. Forward-looking statements are based onthe beliefs, estimates and opinions of the Company's management on thedate the statements are made. Except as required by applicablesecurities laws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates, opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulations Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this newsrelease.
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