(TheNewswire)
Vancouver, British Columbia – TheNewswire - February 12, 2024 – Lithium Lion MetalsInc. (“Lithium Lion” or the “Company”) (CSE:LLM) (OTC:GLIOF)(FWB:2BC) , is pleased to announce the Companyhas entered into a binding Letter of Intent (the “ LOI ”), datedFebruary 12, 2024, with Tubutulik Mining Company LLC (“ TMC ”) for theBoulder Creek Property (the “ Property ”).
Under the terms of the LOI, the Company shall have theexclusive option (the “ Option ”) for a period of 10 years to acquirean undivided 100% ownership interest in the Property by paying toTMC:
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$5,000.00 upon signing of the LOI;
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$25,000.00 upon entering into a definitive agreementrelating to the LOI (the Definitive Agreement ”);
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$50,000.00 on the first anniversary of the DefinitiveAgreement; and
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$100,000.00 on the second to tenthanniversary;
(collectively, the “ Option Payments ”).
The Company shall have the option to accelerate any ofthe Option Payments, in their sole-discretion at any time during theterm of the Definitive Agreement. The Company will grant TMC a 2.0%net smelter royalty on the Property and any area of interest, asfurther provided for in the Definitive Agreement. The Company maypurchase 1.00% of the NSR from TMC for $1,000,000.00 (the“ 1.00% Buyback ”). Upon the tenth anniversary of entering into theDefinitive Agreement, the Company will pay to TMC $100,000.00 peryear, for a period of ten years as an advance royalty payment pursuantto the 1.00% Buyback. A finders fee is payable to Robert Weicker in anamount equal to 7.00% per Option Payment will also beapplicable.
Lithium Lion is currently conducting technical duediligence on the Property, and upon satisfactory results, expects toenter into the Definitive Agreement within 60 days. The Company looksforward to updating shareholders and the public on furtherdevelopments in due course. All dollar figures disclosed in this pressrelease are in USD$.
About Lithium Lion Metals Inc.
Lithium Lion Metals Inc. is a mineral explorationcompany actively involved in exploring the 13N Project which consistsof 59 mining claims covering approximately 3,107 hectares located inBartouille and Ducros townships in Quebec. For more information pleasevisit: https://www.lithuimlionmetals.com/ .
ON BEHALF OF THE BOARD OF DIRECTORS
David Beck Interim ChiefExecutive Officer
Head Office 305-1770 BurrardSt. Vancouver, British Columbia, V6J3G7
Telephone +1 (604) 4160569
Website www.LithiumLionMetals.com
Email info@LithiumLionMetals.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 reflects management's current expectations basedon information currently available and are subject to a number ofrisks and uncertainties that may cause outcomes to differ materiallyfrom those discussed in the forward-looking information. Such riskfactors may include, among others, but are not limited to: generaleconomic conditions in Canada and globally; industry conditions,including governmental regulation and environmental regulation; theavailability of capital on acceptable terms; the need to obtainrequired approvals from regulatory authorities; stock marketvolatility; competition for, among other things, skilled personnel andsupplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure torealize the anticipated benefits of acquisitions and dispositions; andthe other factors. Although the Company believes that the assumptionsand factors used in preparing the forward-looking information arereasonable, undue reliance should not be placed on such informationand no assurance can be given that such events will occur in thedisclosed time frames or at all. Factors that could cause actualresults or events to differ materially from current expectationsinclude: (i) adverse market conditions; and (ii) other factors beyondthe control of the Company. 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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