OTCQX:AVLIF - Post by User
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Just2017on Nov 16, 2017 7:08am
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JV Update and Voting Trust
JV Update and Voting Trusthttps://www.newswire.ca/news-releases/jv-update-and-voting-trust-657908193.html
VANCOUVER, Nov. 16, 2017 /CNW/ - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) – Mr. David Sidoo, President and CEO, is pleased to report that the Company has finalized and has in place a Voting Support Agreement with Mr. Miguel Peral, a director, officer and shareholder of the Company holding 8,175,000 shares of the Company. Mr. Peral has agreed to vote all common shares beneficially owned, or over which control or direction is exercised, at each meeting of shareholders of the Company in favour of director nominees that the board has recommended shareholders vote in favour of. The agreement with Mr. Miguel Peral mirrors the agreement in place with Orocobre in regards to the voting of their shares. In addition as previously announced Mr. Peral, Orocobre and other insiders have in place lock up agreements.
Mr. Peral said "I believe in the long-term growth and success of this project in Cauchari and am in this for the long term, to build upon the resource we have today. I have been encouraged by the drill results in the SE and am very optimistic about the NW sector of Cauchari. Further drill results are forthcoming in November and December as we advance to completion our 2017 drill program."
Following a successful site visit on November 8th by investors and analysts, drilling and pumping activity continues to advance on schedule towards development of a new resource with pumping tests in the SE sector commencing on wells CAU08 and CAU11 down to 480m. In the NW sector, the diamond rig has progressed to CAU15 after completing CAU16 to 321m and intersecting a significant thickness of sandy material, details of which will be reported with the assays from this hole. By month-end, complete assay results from packer testing in CAU16 will be available followed by the pumping test results from CAU08 and CAU11 in the SE sector. Recent discussions with our drilling contractors have been successful in securing drill rigs to ensure completion of a follow-up program of drilling to support on-going resource development. This is important to fully define the deeper potentially high brine yielding sands in SE and NW zones and extension of extractable resource for feasibility studies planned for 2018.
Mr. Sidoo said "The work program is rapidly advancing and given the planned work expenditures we anticipate that in early December we will have funded U.S. $5 million in exploration costs at Cauchari and earned our 75% interest. The Company plans to move forward with internal studies to support the NI 43-101 PEA/Scoping study beginning in Q1 2018. These studies will investigate, amongst other matters, future production from a stand-alone operation."
The technical information in this news release has been reviewed and approved on behalf of the Company by Murray Brooker, MAIG, RPGEO, a "Qualified Person" as defined in NI 43-101.