Arctic Fox Ventures Inc. (CNSX:AFX) entered into a letter of intent to acquire Kana Lake Lithium project in the James Bay region of Quebec from Pipeline Capital Corp. for CAD 0.81 million on January 12, 2023. Under the terms of the LOI the Arctic Fox will issue up to 12,000,000 common shares and Arctic Fox will pay to the shareholders of Pipeline CAD 50,000 on the closing date, CAD 50,000 on the date that is 90 days from the closing date and CAD 50,000 on the date that is 180 days from the closing date. On closing the Arctic Fox will become the sole shareholder of Pipeline. The Arctic Fox and Pipeline will work towards executing a mutually agreeable definitive agreement outlining the terms of the LOI. It is currently anticipated that the closing date will occur on or before January 31, 2023. The acquisition will not constitute a change of business.

Arctic Fox Ventures Inc. (CNSX:AFX) completed the acquisition of Kana Lake Lithium project in the James Bay region of Quebec from Pipeline Capital Corp. on January 27, 2023.