Petrolympic Completes Acquisition of Basserode and Fournière Lithium Assets, The Canadian Business Journal

TORONTO, Sept. 21, 2022 (GLOBE NEWSWIRE) — Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (“Company” or “Purchaser”) is pleased to announce that the TSX Venture Exchange (“TSX-V”) has accepted the completion of documents related to the purchase agreement previously announced on July 26th.^thPursuant to TSX-V approval, Company and Vendor have amended the terms of the Purchase Agreement (the “Amendment Agreement”) to Abitibi-Themiscamange, southwest of Val d’Or, Quebec.

Both properties are covered by a network of trails and logging roads, providing excellent access and effective exploration while reducing exploration costs.

The Basserode and Fournière properties are located within the rapidly developing Cadillac-Pontiac lithium belt and have recently attracted companies such as Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp. and Narrow River. A large property was assembled by Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., Winsome Resources Inc.

These properties are located south of the Abitibi Greenstone Belt, north of the Larder Lake-Cadillac deformation zone, and the Grenville Front in geological conditions that are highly favorable for lithium exploration in the geological Pontiac sub-province. I’m here. South.

As part of the original agreement, Vendor was to receive warrants to purchase 500,000 shares of common stock (the “Warrants”) subject to the completion of future flow-through financing, subject to the terms of such financing. The amended agreement provides that his 500,000 warrants to be issued are exercisable to purchase one share of Buyer’s common stock at a price not less than $0.07 per common share.

For more information, please contact:

Mendel Eckstein – President

82 Richmond Street East
Toronto, Ontario M5C 1P1
Phone 845-656-0184 Fax 845-231-6665

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED AND IS NOT RESPONSIBLE FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Note Regarding Forward-Looking Information

Certain information contained in or incorporated by reference in this press release, including information regarding the proposed acquisition, constitutes “forward-looking statements.” All statements other than statements of historical fact are considered forward-looking statements. Forward-looking statements must be based on a number of estimates and assumptions. These are deemed reasonable by us, but are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although we believe that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include the economic and global market impact of the COVID-19 pandemic, market price volatility, exploration and development success, continued availability of capital and funding, national and local government changes in law, taxation, administration, regulation, expropriation or nationalization of property, and general political, economic, market or business conditions; Many of these uncertainties and unforeseen circumstances may affect our actual results, which may be expressed or implied in any forward-looking statements made by or on our behalf. It may differ significantly from what is presented. Readers are cautioned that forward-looking statements are not guarantees of future performance. Readers are therefore advised to rely on their own assessment of such uncertainties. All forward-looking statements made or incorporated by reference in this press release are qualified by these cautionary statements. We undertake no obligation to update any forward-looking statements.

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