True North Gems Inc. (TSXV:TGX) agreed to acquire a 50% stake in Simac East Lithium Project from Lithium One Metals Inc. (TSXV:LONE) on July 27, 2022. As per the transaction terms, True North Gems will be issuing 500,000 units of True North Gems Inc.(each Unit comprises one common share and 500,000 warrants exercisable at 20 cents for 24 months from the date of issuance of the underlying common shares) to L1 within 10 days of regulatory approval. The transaction is subject to regulatory approval.