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American Lithium agreement for TLC property

Oct 3, 2018

2018-10-02 19:00 ET – Property Agreement

The TSX Venture Exchange has accepted for filing documentation in connection with a purchase/royalty agreement dated Aug. 13, 2018, between the company and Nevada Alaska Mining Co. Inc. (Robert Craig), whereby the company will acquire the rights to the TLC project located in Nye county, Nevada. Consideration is $100,000 and a total of 750,000 common shares to be issued as follows:

250,000 common shares upon closing;
250,000 common shares upon development of mineral reserve exceeding 500,000 tons of lithium carbonate equivalent;
250,000 common shares upon development of a mineral reserve exceeding 1.5 million tons of lithium carbonate equivalent.

The vendor will retain a 2.5-per-cent net smelter return royalty on commercial production from the property, of which half can be purchased by the company for a period of three years in consideration of $1-million (U.S.), subject to further exchange review and acceptance.

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