VANCOUVER, BC / ACCESSWIRE / February 11, 2019 / Urban Select Capital Corporation (TSX-V: CH) ("Urban Select" or the "Company") is pleased to announce that further to its news release dated July 6, 2018, the Company has completed the acquisition of Hard Rock Lithium Corp. ("Hard Rock"). Urban Select will acquire all of the issued and outstanding shares of Hard Rock Lithium byway of a three-cornered amalgamation, involving a wholly owned subsidiary of the Company and Hard Rock (the "Transaction"). Pursuant to the transaction, the Company will issue an aggregate of 21 million common shares to the shareholders of Hard Rock.
All securities issued under the transaction will be subject to a 36-month Tier 2 surplus security escrow agreement.
In addition, a finder's fee of $30,000 and 1,000,000 shares will be paid.
About Hard Rock Lithium
Hard Rock Lithium is a private company focused on the identification and exploration of high-grade lithium assets within the Northwest Territories. Hard Rock owns three claims covering 132 hectares roughly 40 kilometres east of Yellowknife on the all-weather, paved Ingraham Trail Highway in the Northwest Territories, Canada. The project hosts a 730-metre spodumene dike up to nine metres wide in specific areas, with the potential of another four dikes that have been discovered at surface. Current samples from the main dike have returned 1.65 per cent lithium oxide, 1.29 per cent Li2O and 1.17 per cent Li2O.
About Urban Select Capital Corp.
Urban Select Capital Corp. is an investment issuer focused on investing growth capital in private and public companies in a broad range of sectors including natural resources, media & entertainment, education, healthcare and consumer retail services. Urban Select's management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.
For further information, please contact:
David Yoo
CFO and Director
Urban Select Capital Corporation
Telephone: (604) 689-0618
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 release.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.
SOURCE: Urban Select Capital Corporation