en.Wedoany.com Reported - Prospector Metals Corp. (TSXV: PPP; OTCQB: PMCOF; FSE: 1ET0) and Lightning Resource Corp. (TSXV: LTNG; OTCQB: BMTLF; FSE: 1OI0, formerly BeMetals Corp., collectively with Prospector, the "Company") announced on July 31 that the escrow release deadline for the previously announced non-brokered private placement of subscription receipts, as well as the closing date of an asset acquisition, have both been extended to August 31, 2026. Lightning Resource Corp. began trading under its new name and stock ticker "LTNG" on the same day.
The non-brokered private placement was completed by Prospector's wholly-owned subsidiary, Lightning Subreceipt Financing Corp. (Finco), on July 24, 2026, issuing 8,000,000 subscription receipts for gross proceeds of C$4,000,000. The proceeds from the subscription receipts are held in escrow, with the original escrow release deadline set for no later than July 31, 2026. The Company, Finco, and Subco (referring to Lightning Exploration Corp., formerly Prospector Subco Ltd.) have entered into an escrow release deadline extension agreement dated July 31, 2026, extending the escrow release deadline to August 31, 2026.
The asset acquisition is based on a share purchase agreement dated April 15, 2026. Under this agreement, BeMetals (now Lightning) will acquire all of the issued and outstanding shares of Subco. Subco, a wholly-owned subsidiary of Prospector, will hold Prospector's remaining viable non-Yukon mineral exploration projects. Prospector, Lightning, and Subco have executed an amendment to the share purchase agreement, extending the outside date for completion of the transaction to August 31, 2026.
Other than the adjustments noted above, all other terms of the transaction and offering remain unchanged. The Company will continue to provide further updates in accordance with applicable securities laws and TSX Venture Exchange policies. Prospector is a member of the Discovery Group, focused on early-stage district-scale gold and base metal exploration, with the majority of its acquisition activities concentrated in Canada's Yukon Territory and historical mining districts in Ontario. The Company is currently advancing the ML Project in the Yukon, which has identified a high-grade gold-copper-silver mineralized zone (see news release dated October 1, 2025). Lightning is a Canadian precious and base metal exploration company, currently focused on exploring the Savant Gold Project, which has the potential to host a large banded iron formation-hosted gold deposit and shear zone-hosted gold deposit, surrounded by operating gold mines such as Red Lake and Musselwhite. Lightning also holds interests in copper and gold exploration projects in Zambia and Japan, continues to evaluate additional acquisition opportunities, and counts strategic shareholder B2Gold with an approximate 37% stake. Prospector's President and CEO is Dr. Rob Carpenter, and Lightning's Interim CEO and Director is Kristen Reinertson.
