(TheNewswire)
Vancouver, B C - TheNewswire - January 18, 2023 - Lexston Life Sciences Corp. (the “Company” ) (CSE:LEXT) (OTC:LEXTF) entered into the Dory Property Option Agreement datedJanuary 18, 2023 (the “Option Agreement” ) with Nicholas Rodway(the “Optionor” ) to acquire up to 100% interestin the mineral property, generally known as the "DoryProperty" consisting of four (4) mineral claims #1098125,#1098126, #1098127 and #1098419 located 25 km west of Port Alberniin British Columbia. The size of the Dory Property is approximately1,348 hectares. The Dory Property has potential for copper, zinc andgold.
The Option Agreement amounts to the change of businessof the Company and is subject to the approval by the CanadianSecurities Exchange (the “Exchange” ) and the shareholders of theCompany pursuant to Policy 8 Fundamental Changes & Changes ofBusiness of the Exchange.
In order to exercise the option and earn the first 51%interest in the Dory Property, the Company, upon the acceptance by theExchange of the Option Agreement and the change of business of theCompany, has to:
a) pay to the Optionor $85,000; and
b) issue to the Optionor a total of 250,000 commonshares of the Company.
The Company will earn further 49% interest in the DoryProperty making the total interest of the Company in the Property 100%by:
a) making a cash payment to the Optionor in the amountof $10,000 within one year from the date of the acceptance of theOption Agreement and the change of business of the Company by theExchange;
b) incurring expenditures on the Dory Property in theamount of $100,000 within one year from the date of the acceptance ofthe Option Agreement and the change of business of the Company by theExchange; and
c) issuing to the Optionor a total of 250,000 commonshares of the Company within one year from the date of the acceptanceof the Option Agreement and the change of business of the Company bythe Exchange.
The option is subject to 2% net smelter return royaltyin favour of the Optionor, 1/2 of which can berepurchased by the Company for $1,000,000.
The Company will be obtaining a technical report inaccordance with the requirements of National Instrument 43-101Standards of Disclosure for Mineral Projects for the DoryProperty.
The Company plans to make payments and incurexploration expenditures on the Dory Property from its current workingcapital.
The Optionor is an arm’s length party to the Company. No commission is payable in relation to this transaction.
In accordance with this new strategic direction, theCompany plans to change its name to “Lexston MiningCorporation”.
Trading of the Company’s common shares on theExchange will be halted and will remain halted until the remainingdocumentation required by the Exchange are filed and accepted.
The Company will have to meet the criteria for a newlisting and make a complete initial application to qualify for listingby filing all of the documents and following the procedures set out inPolicy 2 of the Exchange.
On Behalf of the Board of Directors
LEXSTON LIFE SCIENCES CORP.
Jagdip Bal, Chief Executive Officer
Telephone: (604) 928-8913
The Canadian Securities Exchange hasnot reviewed and does not accept responsibility for the adequacy oraccuracy of the content of this news release.
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