Vancouver, British Columbia, Feb. 12, 2024 (GLOBE NEWSWIRE) — Lithium Lion Metals Inc. (“Lithium Lion” or the “Company”) (CSE: LLM) (OTC: GLIOF) (FWB: 2BC), is pleased to announce the Company has entered into a binding Letter of Intent (the “LOI”), dated February 12, 2024, with Tubutulik Mining Company LLC (“TMC”) for the Boulder Creek Property (the “Property”).
Under the terms of the LOI, the Company shall have the exclusive option (the “Option”) for a period of 10 years to acquire an undivided 100% ownership interest in the Property by paying to TMC:
- $5,000.00 upon signing of the LOI;
- $25,000.00 upon entering into a definitive agreement relating to the LOI (the “Definitive Agreement”);
- $50,000.00 on the first anniversary of the Definitive Agreement; and
- $100,000.00 on the second to tenth anniversary;
(collectively, the “Option Payments”).
The Company shall have the option to accelerate any of the Option Payments, in their sole-discretion at any time during the term of the Definitive Agreement. The Company will grant TMC a 2.0% net smelter royalty on the Property and any area of interest, as further provided for in the Definitive Agreement. The Company may purchase 1.00% of the NSR from TMC for $1,000,000.00 (the “1.00% Buyback”). Upon the tenth anniversary of entering into the Definitive Agreement, the Company will pay to TMC $100,000.00 per year, for a period of ten years as an advance royalty payment pursuant to the 1.00% Buyback. A finders fee is payable to Robert Weicker in an amount equal to 7.00% per Option Payment will also be applicable.
Lithium Lion is currently conducting technical due diligence on the Property, and upon satisfactory results, expects to enter into the Definitive Agreement within 60 days. The Company looks forward to updating shareholders and the public on further developments in due course. All dollar figures disclosed in this press release are in USD$.
About Lithium Lion Metals Inc.
Lithium Lion Metals Inc. is a mineral exploration company actively involved in exploring the 13N Project which consists of 59 mining claims covering approximately 3,107 hectares located in Bartouille and Ducros townships in Quebec. For more information please visit: https://www.lithuimlionmetals.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
| David Beck | Interim Chief Executive Officer | |
| Head Office | 305-1770 Burrard St. Vancouver, British Columbia,… |
Click Here to Read the Full Original Article at TipRanks Financial Blog…
