Power Metals Corp. said Aug. 15 that it agreed to acquire the MMJ zeolite project in Nova Scotia from an arm's length party in exchange for 1,558,767 common shares and a 2% royalty.
The deal, which is subject to regulatory approval, is part of the company's strategy to seek a leading zeolite market position in Canada.
"Nova Scotia's zeolites are world-renowned and Power Metals is most pleased to have acquired an advanced-stage zeolite asset in such close proximity to the large population and manufacturing bases of North America's east-coast," Johnathan More, a company director, said.
"Historic zeolite exploration in Nova Scotia predates the emergence of new prospective agricultural markets which makes this zeolite asset acquisition extraordinarily exciting for our company."
Power Metals is reviewing additional projects and plans to capitalize on further zeolite opportunities in the near future.