Canada Strategic Metals Agrees to Sell 40% of La Loutre

Canada Strategic Metals (TSXV:CJC,FWB:YXEN,OTCBB:CJCFF) announced it had sold a 40 percent stake in its La Loutre graphite property to Lomiko Metals. In return, Canada Strategic Metals will receive $12,500 in cash as well as 1.25 million common shares and by incurring $500,000 in common expenditures.

According to the press release:

Lomiko will acquire an undivided interest of 40% in the La Loutre Property by issuing an aggregate of 1,250,000 common shares, at a deemed price of $0.07 per share, by paying $12,500 cash and by incurring $500,000 in Exploration Expenditures, as follows:

• paying to the Company $12,500 cash on signing this Agreement (non-refundable);
• issuing to the Company 1,250,000 common shares within ten (10) business days following the Effective Date; and
• incurring Exploration Expenditures aggregating not less than $500,000 on an exploration program by not later than the first anniversary of the Effective Date.

Click here to read the Canada Strategic Metals Inc. (TSXV:CJC,FWB:YXEN,OTCBB:CJCFF) press release
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