TORONTO, ONTARIO--(Marketwired - Dec. 9, 2016) - Routemaster Capital Inc. (TSX VENTURE:RM) ("Routemaster" or the "Company") is pleased to announce that it has acquired 1,000,000 common shares in the capital of 2523701 Ontario Inc. (to be renamed "Desert Lion Energy Inc.") ("Desert Lion") at a price of $0.25 per common share for an aggregate investment of $250,000.
Desert Lion, a private Ontario company, has entered into a definitive agreement to acquire the Rubikon Lithium Project in Namibia (the "Project"). The Project is a brownfield hardrock exploration stage lithium project with no existing royalties or net smelter royalty obligations on the land package. Desert Lion expects to complete its purchase of the Project by the end of Q1 2017. Desert Lion has an experienced management team led by Tim Johnston, Desert Lion's President and Chief Executive Officer. Mr. Johnston was formerly Hatch's specialist in project management and transactional analysis for their global lithium business. During his time with Hatch, Mr. Johnston evaluated hundreds of lithium projects and managed the development of lithium projects around the world for Rockwood Lithium, Bacanora Minerals, AMG-NV, Rio Tinto and other key developers. Mr. Johnston is a certified P. Eng and a CFA charter holder.
Fred Leigh, President and Chief Executive Officer of the Company, commented: "We are excited about our investment in Desert Lion. The Rubikon Lithium Project is a quality exploration asset in a mining friendly jurisdiction and we believe that Desert Lion's experienced management team is well suited to unlock its value for shareholders."
About Routemaster Capital Inc.:
Routemaster Capital Inc. is a Canadian investment company that carries on business with the objective of enhancing shareholder value.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements, including statements regarding the Company's investment in common shares of Desert Lion, the name change of 2523701 Ontario Inc. to "Desert Lion Energy Inc.", the potential of the Project, Desert Lion's ability to complete the purchase of the Project, the ability of Desert Lion's management team to explore and develop the Project, and future investments by 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 applicable law.
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