VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / VERTICAL EXPLORATION INC. (TSXV:VERT) ("Vertical" or "the Company") is pleased to report that the Company has now completed the final payment installment of the option agreement for its St-Onge Wollastonite property, located in the Lac-Saint-Jean area in the Province of Quebec. With the final payment having now been made to the vendor, Frederic Bergeron, the Company has successfully secured 100% ownership of the fully permitted St-Onge project. All of the claims and quarry permits received from the Government of Quebec for the St-Onge Wollastonite property will now be transferred to Vertical. The vendor retains a 2% net smelter royalty (of which 1% can be purchased by the Company for $1 million), and also retains a $5-per-tonne royalty for the first 1 million tonnes and a $1-per-tonne royalty for the remaining tonnage.
Peter P. Swistak, President/CEO of Vertical Exploration Inc., commented: "Securing all official quarry permits from the Government of Quebec and assuming full ownership of the world-class St-Onge project has been our top two goals since inception. With both of these key milestones having now been successfully achieved, the Company is quickly moving ahead to become one of the top tier producers of premium Wollastonite in North America. I am also pleased to report that with the recent completion of our $1.76 M private placement, the Company is already moving forward with mobilizing equipment on the St-Onge property in order to further develop and enhance the quarry site for ongoing production. We are now another key step along the path towards supplying the North American agricultural and gardening markets with our premium natural Wollastonite product."
ABOUT VERTICAL EXPLORATION
Vertical Exploration's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company's flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
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FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Vertical Exploration Inc.