(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 1, 2023 – Lithium Lion MetalsInc. (“ Lithium Lion ” or the “ Company ”)( CSE:LLM) (OTC:GLIOF)(FWB:2BC) announces that it has entered into an arm’s length property option agreement (the” Agreement ”) as ofNovember 30, 2023 (the “ Effective Date ”), pursuant to which it hasthe option to acquire a 100-per-cent interest in 59 mining claimscovering approximately 3,107 hectares in Bartouille and DucrosTownships in Quebec.
The Transaction
Lithium Lion entered into the Agreement on November 30,2023 with Mosaic Metals Corporations (“ Mosaic ”). Pursuantto the Agreement, Lithium Lion can exercise its option to acquire a100% interest in the 113N Project (the “ Project ”) bycompleting the following milestones on or before the indicateddates:
Shares | Cash | Exploration Commitment | |
On Effective Date (or as soon as practicable thereafter) | 200,000 | $10,000 | |
1 st Anniversary of Effective Date | 400,000 | $25,000 | $75,000 |
2 nd Anniversary of Effective Date | 600,000 | $50,000 | $250,000 |
3 rd Anniversary of Effective Date | 800,000 | $115,000 | $1,000,000 |
Totals: | 2,000,000 | $200,000 | $1,325,000 |
Any shares issued by Lithium Lion under the Agreementwill be subject to a four month hold period pursuant to applicablesecurities laws. Upon Lithium Lion’s successful exercise of theoption and acquisition of the Project, Mosaic will retain a 2% netsmelter returns royalty (“ NSR ”), one-half of which (1% NSR) can bepurchased by Lithium Lion for $1,000,000.
The Company also wishes to advise that Mr. Mark Haywoodhas resigned as Chief Executive Officer of the Company, effectiveimmediately. The Company wishes to thank Mr. Haywood for his manycontributions to the Company and wishes him well with his futureendeavours. Mr. David Beck will assume the role of interim ChiefExecutive Officer while the Company seeks a suitable full-timereplacement.
About Lithium Lion Metals Inc.
Lithium Lion Metals Inc. is a mineral exploration company actively involved in the exploration of its lithium and precious metalsfocused portfolio, including the Mia Li-3 Lithium Project in Quebec.Please visit: https://www.lithiumlion.ca/ .
ON BEHALF OF THE BOARD OF DIRECTORS
Sebastian Lowes Director+
Head Office 305-1770 Burrard St.Vancouver, British Columbia, V6J3G7
Telephone +1 (604) 4160569
Website https://www.lithiumlion.ca/
Email mark@lithiumlion.com
The CSE and Information Service Provider have notreviewed and does not accept responsibility for the accuracy oradequacy of this release.
Forward-Looking Statements
This news release contains “forward-lookinginformation” within the meaning of applicable Canadian securitieslegislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”,“expects” or “does not expect”, “is expected”,“estimates”, “intends”, “anticipates” or “does notanticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or“will” be taken, occur or be achieved. Actual future results maydiffer materially. In particular, this release containsforward-looking information relating to the Company's expectedbenefits of the Transaction and opportunities which will arise from the acquisition of the Property. The forward-looking information reflectsmanagement's current expectations based on information currentlyavailable and are subject to a number of risks and uncertainties thatmay cause outcomes to differ materially from those discussed in theforward-looking information. Such risk factors may include, amongothers, but are not limited to: general economic conditions in Canadaand globally; industry conditions, including governmental regulationand environmental regulation; the availability of capital onacceptable terms; the need to obtain required approvals fromregulatory authorities; stock market volatility; competition for,among other things, skilled personnel and supplies; incorrectassessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipatedbenefits of acquisitions and dispositions; and the other factors.Although the Company believes that the assumptions and factors used inpreparing the forward-looking information are reasonable, unduereliance should not be placed on such information and no assurance canbe given that such events will occur in the disclosed time frames orat all. Factors that could cause actual results or events to differmaterially from current expectations include: (i) adverse marketconditions; and (ii) other factors beyond the control of theCompany. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess theimpact of all factors on Company’s business or the extent to whichany factor, or combination of factors, may causeactual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news releaseand the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, futureevents or otherwise, except as required by applicable law. Additionalinformation identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadiansecurities regulators, which are available at www.sedarplus.ca
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