NexOptic Technology Corp and Selten Metal Corp. Enter into Extension

VANCOUVER, British Columbia, Feb. 18, 2022 (GLOBE NEWSWIRE) -- NexOptic Technology Corp. (“NexOptic”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1) announces that it has granted Selten Metal Corp an extension to their original agreement as announced via a joint news release on December 16, 2021. The purpose of the extension is to allow Selten additional time to finalize its structuring plans prior to listing in Canada. The agreement grants to Selten an option to earn up to a 100% interest in NexOptic’s wholly owned, THOR Heavy & Light Rare Earth Element Project (“THOR”). 

As previously announced, in order for Selten to acquire an initial 75% interest in and to the THOR project, Selten must: (a) make a cash payment of $1,100,000 to NexOptic, which pursuant to the amendment must now be made 90 business days following execution of the option agreement (b) upon the date of any listing of Selten, or its successor, on a recognized stock exchange in Canada (the “Listing Date”), issue to NexOptic such number of common shares in its capital as will represent 9.5% of the issued and outstanding Selten shares post issuance, (c) issue to NexOptic an additional 500,000 shares on the date which is 12 months following the Listing Date and (d) issue to NexOptic a further additional 500,000 shares on the date which is 24 months following the Listing Date. If a Listing Date does not occur within 24 months of the date of the definitive option agreement, the initial option will terminate.

Upon the exercise of the initial option, Selten will be granted the further option to acquire the remaining 25% interest in THOR, by issuing to NexOptic an additional number of Selten shares in its capital as represents 9.5% of the issued and outstanding Selten shares post-issuance, which issuance shall occur upon the date which is either 36 months following the Listing Date or 48 months following the Listing Date, at the discretion of Selten.

Forward-Looking Statements

This news 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 facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans,” “expects,” “estimates,” “intends,” “anticipates,” “believes” or variations of such words, or statements that certain actions, events or results “may,” “could,” “would,” “might,” “will be taken,” “occur,” or “be achieved.” Forward-looking statements in this news release include, without limitation, statements respecting the Definitive Agreement, expectations regarding demand for REE, and the plans regarding exploration on the THOR Project. Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in NexOptic’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although NexOptic believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because 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 news release.

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