Pegasus Resources Closes Agreements Pertaining to Confederation Lake Properties

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Pegasus closes agreements on Confederation Lake assets

2022-06-22 15:26 – News Release

Mr. Charles Desjardins reports


Further to its news release of April 27, 2022, Pegasus Resources Inc. has now closed the transactions with Trillium Gold Mines Inc. and Imagine Lithium Inc. (formerly Infinite Ore Corp.) pertaining to certain claims within the Confederation Lake region.

Concurrent with the closing, Trillium paid Pegasus $20,000 in cash and issued 100,000 common shares in the capital of Trillium to earn into certain option agreements that Trillium assumed (with certain amendments from previous option agreements between Imagine and Pegasus). Further, upon closing, Imagine issued 1.5 million common shares to Pegasus to otherwise satisfy the obligations under the Dixie North option agreement and the Fredart agreement (as defined and identified in the April 27, 2022, news release) between Imagine and Pegasus.

Further to Imagine’s receipt of TSX Venture Exchange approval, Imagine delivered to Pegasus $150,000 cash and one million common shares of Imagine as per the Garnet agreement (as defined and identified in the April 27, 2022, news release) and relinquished the right to complete the option for the claims under the Garnet agreement. This provides the company with most of the anticipated compensation under the Garnet agreement and returns control of the claims to the company. Similarly, Pegasus received TSX-V approval on May 11, 2022, for the issuance to Imagine of five million common shares in the capital of Pegasus as part of, among other things, the return of the Fredart claims. These common shares have a hold period of four months and one day from the date of issuance.

About Pegasus Resources Inc.

Pegasus Resources is a diversified junior Canadian mineral exploration company with a focus on uranium, gold and base metal properties in North America. The company is also actively pursuing the right opportunity in other resources to enhance shareholder value.