Mosaic Signs Option Agreement With Castlebar Capital to Sell Up to 100% Interest in the Lichen Project

Mosaic Minerals Corporation has formalized an option agreement with Castlebar Capital Corporation, granting Castlebar the right to acquire up to 100% interest in Mosaic's Lichen Project. The agreement, dated June 7, 2024, represents the culmination of discussions that began with a letter of intent announced in April 2024.

This transaction holds particular significance as it is structured to serve as Castlebar's Qualifying Transaction under the TSX Venture Exchange Capital Pool Company program. For Capital Pool Companies, the Qualifying Transaction represents a critical milestone that allows them to transition from a shell company to an active operating entity with meaningful assets and business operations.

The deal structure provides Castlebar with optionality to acquire varying levels of ownership in the Lichen Project, up to full 100% control. While specific terms were not detailed in this announcement, the company indicated that the Option Agreement terms mirror those outlined in the original letter of intent from April.

For Mosaic, this agreement represents a potential exit strategy or partnership opportunity for the Lichen Project, allowing the company to potentially monetize its Quebec-based asset while providing Castlebar with the mineral property required to complete its transition from a Capital Pool Company to an active mining exploration entity.