Ion Energy amends deal to acquire Bliss Lake project
2023-06-28 16:26 ET – News Release
Mr. Ali Haji reports
ION ENERGY AMENDS AND RESTATES ACQUISITION AGREEMENT FOR BLISS LAKE LITHIUM PEGMATITE PROJECT
Ion Energy Ltd. has amended and restated the agreement (the A&R agreement) to acquire the Bliss Lake lithium pegmatite project in the Northwest Territories, Canada. The company’s acquisition of Bliss Lake was originally announced in a press release dated May 11, 2023.
The A&R agreement was entered into to clarify certain terms of the original agreement and the transaction. As a result of the amendments, the immediate consideration for the acquisition under the terms of the A&R agreement will consist of a single tranche of company shares with a value of $128,571 at a deemed value of 25 cents. Unamended transaction terms also provide for deferred equity-based consideration to the vendors in the event assay results from exploration at Bliss Lake satisfy defined lithium-oxide content thresholds and cash consideration in the event of announcement of a mineral resource estimate at Bliss Lake meeting defined criteria.
“At a pivotal time in the world’s pursuit of electrification and strengthening battery metals supply, Ion Energy couldn’t be more pleased to have renegotiated the purchase terms for the highly prospective pegmatite project in the proven Yellowknife pegmatite field with exploration to commence this summer. The Ion team is also excited about the U.S. government’s recent memorandum of understanding with the Mongolian government, to advance critical metal co-operation between the two governments. Ion Energy’s long-term vision to disrupt the Asian battery metal supply, through our flagship assets in Mongolia, continues to provide a strong value proposition to our shareholders,” states chief executive officer and director, Ali Haji.
The company expects to complete the Bliss Lake acquisition in July of 2023. For additional information about Bliss Lake, see the acquisition press release, available on the company’s profile on SEDAR.
About Ion Energy Ltd.
Ion Energy is committed to exploring and developing high-quality lithium resources in strategic jurisdictions. Ion’s flagship, 81,000-plus-hectare Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia. Ion also holds the 29,000-plus-hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi province in Mongolia. With the acquisition of the Bliss Lake project in the Northwest Territories, Canada, Ion will have significantly enhanced its lithium asset and jurisdiction profile. Ion is well poised to be a key player in the clean energy revolution, positioned well to service the world’s increased demand for lithium.
We seek Safe Harbor.
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