BVTEF - Iconic Announces TSX Venture Exchange Acceptance to Exclusive Licensing Agreement for Nevada Lithium Operations
Vancouver, British Columbia--(Newsfile Corp. - April 4, 2018) - Iconic Minerals Ltd. (TSXV: ICM) (OTC: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") is pleased to announce that it has received final acceptance from the TSX Venture Exchange to the entering into of an exclusive definitive licensing agreement (the "Agreement") with St-Georges Eco-Mining Corp. ("St-Georges" or "SX") to utilize its proprietary lithium extraction, purification and processing technology (refer to News Release December 7, 2017).
In consideration for the licensing rights, the Company has agreed to issue St-Georges a total of 5,000,000 common shares in its capital stock in stages over a 36 month period (the "Compensation Shares"), which, when issued, will be held by a third party escrow agent and released to St-Georges at the end of the 36 month period, contingent on St-Georges reaching certain performance benchmarks, which are outlined below:
- 2,000,000 common shares upon Stage 1 Benchmark completion: which is defined by the delivery of an independent laboratory report currently commissioned by St-Georges, indicating positive viable lithium recoveries;
- 1,500,000 shares upon Stage 2 Benchmark completion: which is defined by independent report describing results of initial pilot mining operations and the processing of a minimum of one (1) metric ton in a simulated industrial environment; and
- 1,500,000 shares upon Stage 3 Benchmark completion: which is defined by the reception of a Preliminary Economical Assessment Report (PEA) or at commercialization decision or the third (3rd) year anniversary mark of this Agreement assuming other issuance have been completed.
Any Compensation Shares that are issued will be subject to a hold period under applicable Canadian securities laws expiring four months and a day from the date of issuance.
The transaction is a non-arm's-length transaction as the company and St-Georges both have the same chief financial officer.
The Company will disseminate further News Releases when any Compensation Shares are issued.
On behalf of the Board of Directors
SIGNED: "Richard Barnett"
Richard Barnett, CFO and Secretary
Contact: Keturah Nathe, VP Corporate Development
(604) 718-2800 (x 312)
For further information on ICM, please visit our website at www.iconicmineralsltd.com. The Company's public documents may be accessed at www.sedar.com
Forward Statement: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release