Vancouver, BC, November 16th, 2022 – NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD, OTC: NEWDF, FSE: M4K-FF) (“Newfoundland Discovery” or the “Company”) is pleased to announce that, further to its news release dated October 4, 2022, the Company has entered into a definitive and assignment agreement (the “Agreement”) whereby the Company has granted LI2O Pty Ltd. (“LI2O”), an Australian company, the right to acquire a 100% interest in the Chubb Lithium Property, consisting of thirty-five (35) mineral claims comprising approximately 1,509 hectares, located in Quebec, Canada (the “Property”);
Under the terms of the Agreement, LI2O may acquire a 100% interest in the Property by paying the Company C$500,000 and issuing such amount of shares having a value of C$1,200,000 in a company listed on the Australian Securities Exchange (“ASX”), using the Volume Weighted Average Price over the five (5) days prior to closing. In addition, LI2O must pay the Company C$10,000 every thirty days until closing occurs, which aggregate amount shall be deducted from the consideration payment. Closing shall occur no later than February 7, 2023 and shall be subject to LI2O entering into some form of merger or acquisition agreement with an ASX listed company.
About Newfoundland Discovery Corp.
Newfoundland Discovery is a Canadian junior mining exploration company focused on exploration and development along the Detour Gold trend in Quebec and the Central Gold Belt in Newfoundland and Labrador. The Company is one of the largest mineral claim holders in the Detour trend and retains significant landholdings in Newfoundland.
On Behalf of the Board of Directors,
NEWFOUNDLAND DISCOVERY CORP.
President, CEO & Director
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This news release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.