Spearmint Closes Acquisition of the "Green Clay Lithium
Spearmint Closes Acquisition of the "Green Clay Lithium Project" in Clayton Valley, Nevada
2021-09-15 03:01 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2021) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint" or "Optionee") is pleased to announce, further to its news release on September 01, 2021, the closing of an option agreement with an arm's-length party (the "Owner") to acquire the Green Clay Lithium Project (the "Property") comprised of 97 contiguous claims totaling approximately 2,000 acres in Clayton Valley, Nevada.
James Nelson, President of Spearmint Resources stated, "We are pleased to have closed on this acquisition demonstrating Spearmint's mandate on acquiring and developing high quality projects. Spearmint currently has approximately $3 million in cash on hand as of today and we plan to implement multiple work programs in both the US and Canada. We are currently formulating work programs for this new lithium clay project, in addition, a phase III drill program on our flagship Clayton Valley Lithium project is being planned for Fall 2021 with the goal to build upon our recently released maiden resource estimate which included a total of 1,006,000 tonnes of Lithium Carbonate Equivalent (LCE). Additionally, we expect to be underway with a phase II work program on our gold project directly bordering New Found Gold's Keats discovery in Newfoundland shortly."
Pursuant to the terms of the option agreement, the Optionee shall have the exclusive right and option to earn a 100% interest in the Property from the Owner by issuing a total of four million common shares (subject to a four-month hold) at a deemed price of eight cents per share and by making cash payments totalling sixty thousand dollars in cash as set out below:
- On signing thirty thousand dollars and two million common shares;
- Within six months after signing, thirty thousand dollars and one million common shares;
- Within the first anniversary of signing one million common shares;
Upon fulfilling the obligations set out in option agreement, the Optionee will acquire 100% right, title and interest in and to the Property subject only to:
- a 1.5% Net Smelter Return ("NSR"), to Owner provided that the Optionee shall have the right to purchase 0.75% NSR for five hundred thousand dollars at any time up to commencement of production; and
- providing the Owner written notice of its intention to exercise its option pursuant to this Agreem
some news is better than nothing I guest, should be worth a few pennies I would think,
Take Care, Year of the Profit, Oilseeker