Scotia Metals Debuts on the CSE as SMET With 1,200 km² Nova Scotia Lithium Land Package and CAD $5.8M in Concurrent Financing

Cross River Ventures no longer exists. In its place: Scotia Metals Corp., ticker SMET on the Canadian Securities Exchange, trading live as of August 4, 2026, after closing its business combination with Scotia Lithium Corp. on July 28, 2026.

The asset that drove the deal is the L3 Lithium Project — approximately 1,200 km² across 109 mineral licences in western Nova Scotia, securing over 100 km of prospective lithium pegmatite strike. The ground sits along strike from Champlain Mineral Ventures' Brazil Lake Lithium Project and immediately south of the former East Kemptville Tin Mine, inside the Silurian White Rock Formation where coarse-grained pegmatites are associated with the South Mountain Batholith. Per the July 28, 2026 Newsfile Corp. release, the company describes the area as highly underexplored, with multiple priority targets already identified.

The mechanics of the RTO: Cross River first consolidated its shares 30-to-1, with a record date of July 24, 2026, collapsing its share count from 288,020,201 to approximately 9,600,673 prior to rounding. It then issued 13,000,000 Consideration Shares to acquire all outstanding Scotia Lithium shares. Post-close, per the same release, the company carries 45,353,041 common shares issued and outstanding, with up to 6,500,000 shares reserved for warrants and up to 1,175,000 shares reserved for options.

The concurrent financing closed alongside the transaction. The company placed 3,758,768 flow-through shares at CAD $0.325 per share for gross proceeds of CAD $1,221,599.60, and 18,313,600 non-flow-through shares at CAD $0.25 per share for gross proceeds of CAD $4,578,400 — total aggregate gross proceeds of CAD $5,799,999.60. Per the July 28, 2026 Newsfile Corp. release, proceeds are allocated to transaction and financing expenses, exploration at the L3 lithium project, and general working capital.

Leading the company is CEO Rodrigo Roso, who, per the company's disclosures, brings more than 20 years in capital markets with involvement in projects totalling roughly US$35 billion in aggregate capital expenditure, with the last five years focused specifically on lithium assets across multiple global jurisdictions.

What comes next, per the July 28, 2026 Newsfile Corp. release, is exploration at the L3 lithium project in Nova Scotia. With 109 licences, over 100 kilometres of strike, and multiple priority targets already on the map, the drill-program sequencing will be the next disclosure to watch.