Mosaic Shifts Focus from Lithium to Gold with Amanda Acquisition
Deal News | Apr 10, 2025 | Globenewswire
Mosaic Minerals Corporation has announced a strategic pivot by exiting lithium exploration in Quebec, due to the slowdown in the electric vehicle sector and low global lithium costs. The company will now focus on their 100% owned gold and nickel projects. Mosaic has completed the acquisition of the Amanda property from IAMGOLD, which features significant gold potential with promising drill results. Additionally, Mosaic plans a private placement to settle operational debts, issuing over 3 million shares at $0.035 each. The firm remains committed to gold given its current favorable market outlook.
Sectors
- Mining and Exploration
- Financing
Geography
- Canada – Mosaic Minerals is a Canadian firm and their operations, including the Amanda property, are located in Quebec, Canada.
- Quebec – The Amanda property and other mineral exploration activities of Mosaic Minerals are located in Quebec, Canada.
Industry
- Mining and Exploration – Mosaic Minerals operates in the mining sector, focusing on exploration and development of mineral properties, particularly gold and nickel.
- Financing – The announcement includes details of a private placement to address operational debts, involving issuance of common shares.
Financials
- 110,693.87 – Total amount raised through private placement by issuing 3,162,682 common shares at $0.035 each.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mosaic Minerals Corporation | Target Company/Issuer | Company | A mining exploration company focused on nickel and gold in Quebec, Canada. |
| IAMGOLD | Vendor | Company | A multinational mining company, vendor of Amanda property to Mosaic Minerals. |
| Canadian Securities Exchange (CSE) | Regulatory Body | Government | The exchange where Mosaic Minerals is listed and which provides final approval for the private placement. |
| Gilles Laverdire | Vice-President Exploration and Qualified Person | Person | Responsible for reviewing and approving scientific and technical information for Mosaic Minerals. |
| Jonathan Hamel | President and CEO | Person | CEO of Mosaic Minerals, providing strategic direction and comments on market positioning. |