Lomiko Metals, Critical Elements property agreement

May 6, 2021

2021-05-05 19:28 ET – Property Agreement

 

The TSX Venture Exchange has accepted for filing documentation pertaining to a property option agreement dated April 24, 2021, between Lomiko Metals Inc. and Critical Elements Lithium Corp., a TSX Venture Exchange-listed company, whereby the company has agreed to acquire up to a 70-per-cent undivided interest in Bourier project, a property comprising 203 claims located in the James Bay area in the province of Quebec.

By way of consideration and the option to acquire 49 per cent in the property, the company will make an aggregate cash payment of $50,000 and issue five million common shares on or before Dec. 31, 2022. The company shall also incur exploration expenditure of at least $1.3-million on or before Dec. 31, 2022.

In addition and subject to exchange approval, the company may increase its undivided interest in and to the property from 49 per cent to 70 per cent by making an additional cash payment of $250,000 and an issuance of 2.5 million common shares, along with exploration expenditure of at least $2-million, and by delivering a National Instrument 43-101-compliant resource on the property on or before Dec. 31, 2023.

Further, the vendor will retain a 2.0-per-cent net smelter return (NSR) royalty, 1 per cent of which may be purchased at any time for $2-million.

For further details, please refer to the company’s news release dated April 27, 2021.

https://www.lomiko.com/

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