Power Metals Receives Approval for Asset Sale to MGX

Power Metals Corp. (“Power Metals Corp.” or the “Company”) (TSXV:PWM)(FRANKFURT:OAA1)(OTC:AOUFF) is pleased to announce that it has received TSXV approval to the transaction with MGX Minerals Inc. (“MGX”) (CSE:XMG) announced on September 22, 2017. Pursuant to a definitive agreement entered into between the Company and MGX, the Company has disposed all of its US Petrolithium Brine to MGX. The Company has also granted MGX the right to acquire a 20% working interest in all of the Company’s current hard rock assets and future assets that the Company acquires for a period of 36 months. Additionally, MGX has the right to purchase an additional 15% working interest of the Company’s hard rock assets for a period of 36 months for total consideration of $10,000,000 payable in cash. As part of the transaction, MGX will receive 10,000,000 share purchase warrants of the Company, each warrant entitling MGX to acquire on common share of the Company at a price of $0.65 per share until September 18, 2020. In consideration for the share purchase warrants, MGX will issue to the Company in stages, 3,000,000 common shares of MGX.
About Power Metals Corp.
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals, including zeolites. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com
ON BEHALF OF THE BOARD,
Johnathan More, Chairman & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Power Metals Corp. Johnathan More 646-661-0409 info@powermetalscorp.com
Cautionary Note Regarding Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Power Metals. There are numerous risks and uncertainties that could cause actual results and Power Metals’ plans and objectives to differ materially from those expressed in the forward-looking information, including other factors beyond Power Metals’ control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Power Metals assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
Click here to connect with MGX Minerals Inc. (“MGX”) (CSE:XMG) for an Investor Presentation.

Source: www.stockwatch.com