101159623 Saskatchewan Ltd. entered into a non-binding letter of intent to acquire AMV Capital Corporation for CAD 1.9 million in a reverse merger transaction.

101159623 Saskatchewan Ltd. (SaskCo) entered into a non-binding letter of intent to acquire AMV Capital Corporation (TSXV:AMV) for CAD 1.9 million in a reverse merger transaction on September 13, 2022. 101159623 Saskatchewan Ltd. (SaskCo) entered into an agreement to acquire AMV Capital Corporation (TSXV:AMV) in a reverse merger transaction on October 24, 2022. SaskCo is to sell to AMV a 100% right, title and interest in and to the mineral claims (the “Claims”) which comprise the Key Lake South Uranium Project located in the southeastern Athabasca Basin Region in Saskatchewan (the “KLS Project”) for and in consideration of approximately 25.64 million common shares of AMV, representing 66.7% of the issued and outstanding shares of AMV post-closing and pre-financing. The Common Shares were acquired on a deemed price of CAD 0.075 per Common Share. The transaction is to constitute a “reverse takeover” pursuant to the policies of the TSX Venture Exchange and is subject to receipt of Exchange acceptance. Upon completion of the transaction, AMV intends to be classified and listed as a Tier 2 Mining Issuer on the Exchange and be involved in the business of exploration and development of the KLS Project in Saskatchewan. The Company's name is to be changed to “Abasca Resources Inc.” after the closing of the transaction. The board of directors of the Resulting Issuer (the “Board”) will consist of five (5) directors, with Dawn Zhou, Qiang Sean Wang and Brett Kagetsu to serve on the Board and the remaining directors to be nominees of SaskCo. After the closing of the transaction, the officers of the Resulting Issuer will be appointed by the Board and are expected to include Dawn Zhou as President and Chief Executive Officer and Sean Wang as an Executive Director.

The transaction is subject to receipt of conditional approval of the Exchange to the transaction, AMV's board and shareholder approvals, no material breach or default by SaskCo, completion of the Flow-Through Private Placement to raise no less than CAD 2 million, and all conditions precedent to the completion of the transaction being satisfied. The Exchange has been advised that AMV has received approval of the RTO by way of written consent from its shareholders. The closing of the transaction is to occur on or before December 31, 2022. Odyssey Trust Company acted as transfer agent to AMV Capital Corporation.