VANCOUVER, British Columbia, March 18, 2022 (GLOBE NEWSWIRE) — (“NexOptic”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1) Following the NexOptic press release of February 18and press release 2022 and its joint press releases dated December 18, 2021 and November 29, 2021 with Selten Metal Corp (“selten” Where “Selten Metal”), NexOptic reports that Selten has entered into a letter of agreement with Railtown Capital Corp. (TSXV: RLT.P) (“Railtown“), a Capital Pool Company, whereby Railtown will acquire all of the issued and outstanding securities of Selten on a one-for-one basis, which transaction will constitute Railtown’s Qualifying Transaction pursuant to the policies of the TSX Venture Exchange and will will result in Selten, as a reverse takeover, listing on the TSX Venture Exchange.
NexOptic is also pleased to announce that it has further modified (the “Amendment» the terms of its option agreement on the mining property (theOption”) with Selten regarding the THOR Heavy and Light Rare Earth Element project, located in Nevada (“THOR“or the”THOR project”) to (i) provide that the initial payment under the option will be due no later than May 15, 2022 and (ii) reduce the consideration payable by Selten to NexOptic for exercising its option to acquire the remaining interest of 25 % in THOR (following its initial acquisition of a 75% interest in THOR) to 5,000,000 ordinary shares of Selten.
The purpose of the amendment was to accommodate Selten’s proposed transaction with Railtown and, with respect to the change in consideration for the remaining 25% equity interest in THOR, is conditional upon completion of the proposed transaction with Railtown .
Pursuant to the option, as amended, in order for Selten to acquire an initial 75% interest in THOR, Selten must: (a) make a cash payment of $1,100,000 to NexOptic no later than May 15, 2022; (b) on the record date, issue to NexOptic a number of ordinary shares of its capital representing 9.5% of the Selten shares issued and outstanding after the issue; (c) issue to NexOptic an additional 500,000 shares on the date which falls 12 months after the Listing Date; and (d) issue to NexOptic an additional 500,000 additional shares on the date which falls 24 months after the Listing Date. If a quote date does not occur within 24 months of the option date, the option will be terminated.
THOR is subject to a 2% net smelter revenue royalty owned by a private entity, each 1% of which may be purchased by NexOptic at any time for $500,000, such that the entire royalty may be earned for $1,000,000.
Comprised of approximately 2,184 hectares, 1,280 of which were recently staked by NexOptic, the THOR project is located 120 km from Las Vegas in an active mining region of southern Nevada, 27 km from what was once the largest mine in rare earth elements (“REE”). in the World (1952), Mountain Pass. In 2017, Mountain Pass reopened as the largest REE mine in the Western Hemisphere and the only REE mine in North America (MP Materials).
A joint Selten Metal Corp/Railtown Capital Corp press release is expected the week of March 21st and will then be published on www.seltenmetal.com Additional information on Selten Metal and the THOR project can also be found on the same domain.
German for “rare”, the word “Selten” represents Selten Metal Corp’s desire to become one of the leading producers of heavy and light rare earth elements in the United States, as rare earths of American origin increasingly essential to climate economics, modern technologies and global geopolitical stability.
Mineralization on any other property referenced herein is not necessarily indicative of mineralization on the THOR Project.
What you need to know about NexOptic
NexOptic is an innovative imaging AI company based in Vancouver, Canada, with operations in Seoul, South Korea, offering leading patented and patent-pending AI solutions for imaging, known under the name ALIIS™ (All Light Intelligent Imaging Solutions). NexOptic simultaneously influences the imaging and AI industries and is a preferred partner of the NVIDIA Partner Network, a member of the Arm® AI Partner Program, and a member of the Qualcomm® Platform Solutions Ecosystem. For more information, visit www.nexoptic.com
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terms such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations thereof. of such words, or statements that certain actions, events, or results “could”, “might”, “will”, “could”, “will be taken”, “will occur” or “will be achieved”. Forward-looking statements in this press release include, but are not limited to, statements regarding the Agreement. Selten’s proposed transaction with Railtown and the timing of the listing date, expectations regarding the REE application and plans regarding exploration on the THOR project. Forward-looking statements involve risks, uncertainties and other factors disclosed under “Risk Factors” and elsewhere in NexOptic’s filings with Canadian securities regulators, which could cause results, performance, Actual prospects and opportunities differ materially from those expressed or implied by such statements. forward-looking statements. Although NexOptic believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based on information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by such statements. . Readers are therefore cautioned not to place undue reliance on such statements, which speak only as of the date of this press release, and no assurance can be given whether such events will occur within the time frames stated or not. at all. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contact:
Phone. : +1 (604) 669-7330 extension 202
E-mail: [email protected]
Selten Metal Corp.
E-mail: [email protected]