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Siyata Mobile Inc. Financial Report: JV Agreement with Vizsla Copper Revealed

$SYTA
Form 6-K
Filed on: 2024-12-26
Source
Siyata Mobile Inc. Financial Report: JV Agreement with Vizsla Copper Revealed

Here are the key insights and important information extracted from the financial report (Form 6-K) of Siyata Mobile Inc.:

  1. Company Information:
  • Name: Siyata Mobile Inc.
  • Location: 7404 King George Blvd., Suite 200, Surrey, British Columbia, Canada, V3W 1N6.
  • Commission File Number: 001-39557.
  1. Report Date:
  • The report is dated December 26, 2024, and pertains to activities for the month of December 2024.
  1. Joint Venture Agreement:
  • On December 20, 2024, the Company entered into a Joint Venture Interest Purchase Agreement (JV Agreement) with Vizsla Copper Corp. and Woodjam Horsefly Resources Ltd.
  • Transaction: Vizsla Copper, through Woodjam Horsefly (an indirect subsidiary), will purchase Siyata's 49% interest in the Rand Joint Venture where Woodjam holds a 51% interest.
  • The transaction follows a prior agreement dated August 29, 2012, which was amended on April 2, 2013.
  1. Consideration:
  • For the transfer of the 49% interest, Vizsla Copper will provide:
    • 2,000,000 common shares of Vizsla Copper to Siyata.
    • A cash payment of $5,000 CAD to Siyata at closing.
  1. Forward-Looking Statements:
  • The report contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.
  • These statements are subject to various risks and uncertainties, and actual results may differ from those expressed or implied.
  1. Additional Information:
  • The report emphasizes that the information contained is not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and thus is not subject to liabilities under that section.
  • A copy of the JV Agreement is attached as Exhibit 10.1.
  1. Management Signature:
  • The report is signed by Marc Seelenfreund, Chief Executive Officer of Siyata Mobile Inc.

This report is crucial for stakeholders and investors as it outlines a significant transaction involving the divestiture of a joint venture interest which may impact the company's financial standing and future strategies.