Lithium Ionic Acquires Ownersh – GuruFocus.com & More Trending News

 

TORONTO, Jan. 25, 2023 (GLOBE NEWSWIRE) — Lithium Ionic Corp. (TSXV: LTH; LTHCF; FRA: H3N) (“Lithium Ionic” or the “Company”) declares that its Brazilian-based wholly owned subsidiary, MGLIT Empreendimentos Ltda. (“MGLIT”), has entered right into a binding share buy settlement (the “Agreement”) with Exotic Mineração Ltda. (“Exotic”) pursuant to which MGLIT has the choice to amass as much as a 100% fairness curiosity in Vale Do Lítio Mineração Ltda. (“Vale Litio”). Vale Litio has a 100% useful possession curiosity in three lithium mining claims in Minas Gerais, Brazil that cowl a complete of three,140 hectares (the “Vale Claims”).

The first of three claims cowl 1,738 hectares and is positioned adjoining to the just lately acquired Galvani goal. Spodumene-rich pegmatites have already been recognized in outdated workings and outcrops at this property. The different two claims, overlaying 879 hectares and 523 hectares, are positioned within the northeastern portion of the possible Araçuai-Itinga Pegmatite area (See Figure 1).

Blake Hylands, P. Geo., CEO of Lithium Ionic, commented, “We are very pleased with this agreement, which is in line with our strategy of acquiring and consolidating strategic lithium targets in this prospective lithium-producing region.”

Figure 1 – Lithium Ionic Claims and Vale Litio Lithium Mining Claims

View Figure 1 right here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/da993568-9298-46e4-a43e-1df2efd49d1e

The Transaction

Pursuant to the phrases of the Agreement, Lithium Ionic has acquired an preliminary 2.78% fairness possession curiosity in Vale Litio by paying R$900,000.00 (roughly C$235,000) in money to Exotic. Lithium Ionic might purchase the next possession pursuits in Vale by making the next funds to Exotic:

  • R$500,000 (roughly C$130,000) in money to amass a further 1.54% fairness possession in Vale on or earlier than February 20, 2023;
  • R$500,000 (roughly C$130,000) in money to amass a further 1.54% fairness possession in Vale on or earlier than July 20, 2023;
  • R$500,000 (roughly C$130,000) in money to amass a further 1.54% fairness possession in Vale on or earlier than February 20, 2024; and
  • R$30,000,000 (roughly C$7,800,000) in money to amass the remaining 92.60% fairness possession in Vale on or earlier than July 20, 2024.

If the Company establishes a NI 43-101 compliant mineral useful resource estimate on the Vale Claims of no less than six million tons with a median content material larger than 1.30% Li2O, Lithium Ionic shall pay Exotic a money bonus of R10,000,000.00 (roughly C$2,630,000).

Lithium Ionic might terminate the Agreement at any time with out incurring any extra monetary penalties.

The transaction is an arm’s size transaction for the needs of the insurance policies of the TSX Venture Exchange (“TSXV”) and qualifies as an “Exempt Transaction” underneath TSXV Policy 5.3. Lithium Ionic just isn’t paying any finder charges in reference to the transaction.

About Lithium Ionic Corp.

Lithium Ionic is a Canadian-based lithium-targeted mining firm with properties overlaying ~3,600 hectares positioned within the prolific Aracuai lithium province in Minas Gerais State, Brazil, which boasts wonderful infrastructure, together with highways, entry to hydroelectrical grid energy, water, and close by business ports. Its Itinga and Galvani claims are positioned in the identical district because the lithium-producing CBL mine and development-stage Sigma Lithium Corp.’s massive Barreiro and Xuxa lithium deposits.

Qualified Persons

The technical info on this information launch has been ready by Carlos Costa, Vice President Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, and each are “qualified persons” as outlined in NI 43-101.

For extra info please contact:

Lithium Ionic Corp.
Blake Hylands, P.Geo.
Chief Executive Officer
Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements

This press launch incorporates statements that represent “forward-statements.” Such ahead wanting statements contain identified and unknown dangers, uncertainties and different elements which will trigger the Company’s precise outcomes, efficiency or achievements, or developments to vary materially from the anticipated outcomes, efficiency or achievements expressed or implied by such ahead-wanting statements. Although the Company believes, in mild of the expertise of its officers and administrators, present situations and anticipated future developments and different elements which have been thought-about applicable that the expectations mirrored on this ahead-wanting info are affordable, undue reliance shouldn’t be positioned on them as a result of the Company may give no assurance that they are going to show to be appropriate. When used on this press launch, the phrases “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the unfavourable of those phrases or such variations thereon or comparable terminology are meant to establish ahead-wanting statements and knowledge. The ahead-wanting statements and knowledge on this press launch embrace info regarding the prospectivity of the Vale Claims, the flexibility to provide an NI 43-101 compliant mineral useful resource estimate, the mineralization and improvement of the Itinga Project and the Vale Claims and different mining tasks and prospects thereof; the Vale Claims transaction and the Company’s means to amass 100% of Vale Litio. Such statements and knowledge replicate the present view of the Company. Risks and uncertainties which will trigger precise outcomes to vary materially from these contemplated in these ahead-wanting statements and knowledge. By their nature, ahead-wanting statements contain identified and unknown dangers, uncertainties and different elements which can trigger our precise outcomes, efficiency or achievements, or different future occasions, to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by such ahead-wanting statements. The ahead-wanting info contained on this information launch represents the expectations of the Company as of the date of this information launch and, accordingly, is topic to vary after such date. Readers shouldn’t place undue significance on ahead-wanting info and shouldn’t rely on this info as of every other date. The Company undertakes no obligation to replace these ahead-wanting statements within the occasion that administration’s beliefs, estimates or opinions, or different elements, ought to change.

Neither the TSXV nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the TSXV) accepts accountability for the adequacy or accuracy of this press launch.

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Lithium Ionic Acquires Ownersh – GuruFocus.com

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