PowerStone Metals, Libra Lithium merge to create Ontario critical minerals explorer

PowerStone Metals (CSE: PS) and privately held Canadian critical minerals explorer Libra Lithium Corp. have agreed to a merger, in which PowerStone will acquire all of the issued and outstanding shares of Libra.  PowerStone said it will complete a consolidation of its issued and outstanding common shares on the basis of approximately one post-consolidation common share for every 2.4966 outstanding common shares. Libra is focused on the discovery and development of its Soules Bay-Caron, (SBC) Flanders North, Flanders South, and Oz lithium projects in Ontario.  Libra also has 100% ownership over its Toivo, Burton, Bitchu, Tennant, Battery Hill and Kivinen projects in Ontario and its Nemiscau project in Quebec. In summer 2024 Libra discovered a new pegmatite field in the span of less than two weeks at SBC, with 18 spodumene outcrops, pegmatites up to 30m wide, samples up to 6.64% Li2O, and spodumene crystals up to 0.4m long, Libra Lithium CEO Koby Kushner said in a December news release.  “With limited capital, we were able to build a company with a large portfolio of lithium assets and discover lithium mineralization on three grassroots projects in under a year,” he said. Earn-in deal with KoBold Metals  Libra announced this month that its Flanders South, Flanders North and Soules Bay-Caron lithium projects are being explored under a C$33 million (US$23m) earn-in deal with KoBold Metals.  Backed by billionaire investors Microsoft’s Bill Gates and Amazon’s Jeff Bezos, California-based KoBold uses artificial intelligence to find deposits of minerals such as copper, lithium and nickel as it seeks to become a key player in the race for critical minerals needed for the energy transition. “We…are looking forward to exploring the Flanders South, Flanders North, and SBC projects,” KoBold Metals chief strategy officer Daniel Enderton said in the statement. “The three projects are compelling, and we are eager to follow up on the encouraging data that Libra has collected to date. Furthermore, we believe that combining Libra’s capable team with KoBold’s experienced explorationists and exploration technology will set us up for success,” Enderton said.  Consolidated company  On completion of the transaction, the company will change its name to Libra Energy Materials Inc., which will be led by Libra CEO Kushner as chief executive officer and director, Libra chairman David Goodman as chairman and director and Ben Kuzmich as VP Exploration.  The definitive agreement is signed and Libra Energy Materials expects to be public this quarter, Kushner said in an email to MINING.com.  Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com