RE:RE:RE:RE:RE:Bonnie Claire PEA ReleasedMuttleyKnows...they're negotiating creating a company as we speak - read the revised and restated PEA...look at the Option Agreement on ICMs part as Nevada Lithium is going broke and will not be able to participate. If they somehow create a new company, that's where you'll see $0.01 options and the pump and dump begin again:
- "At present, the Bonnie Claire project is operated as an unincorporated joint venture between the Companies for an interim period prior to the formalization of operations through a joint venture agreement, which is in negotiations."
- "If Nevada Lithium fails to fund the Phase I exploration expenditures before the applicable exercise date, the Option Agreement will terminate and Nevada Lithium will not acquire any interest in the Bonnie Claire Property."
- "Upon the exercise of the Option in full, the Company and Nevada Lithium will form a joint venture for the development of the Bonnie Claire Property (the "Joint Venture"), with the initial Joint Venture interests of the parties being 50% as to the Company and 50% as to Nevada Lithium. The Company and Nevada Lithium will each fund approved Joint Venture work programs in proportion to their Joint Venture ownership percentage; provided that if a party contributes less than its proportionate interest to a work program, that party's interest in the Joint Venture will be reduced. If a party's interest is reduced to 10% or less, such party's ownership interest will automatically convert to a 0.5% net smelter returns ("NSR") royalty if the Phase II exploration expenditures have not been funded or a 1% NSR royalty if the Phase II exploration expenditures have been funded. The non-diluting party may repurchase at any time (i) the 0.5% NSR royalty for USD $1,000,000; or (ii) the 1% NSR royalty for USD $2,000,000, payable in cash."