UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 29, 2021
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LITHIUM
CORPORATION |
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(Exact
name of registrant as specified in its charter) |
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Nevada |
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000-54332 |
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0530295 |
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(State
or other jurisdiction of incorporation) |
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(Commission
File Number) |
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(IRS
Employer Identification No.) |
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1031
Railroad St., Ste 102B, Elko, Nevada |
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89801 |
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(Address
of principal executive offices) |
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(Zip
Code) |
Registrant’s
telephone number, including area code (775) 410-5287
N/A
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
☐ Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act: None.
Indicate
by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging
growth company ☐ |
If an
emerging growth company, indicate by check mark if the registrant has elected
not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
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Item 1.01 Entry into a Material
Definitive Agreement.
On April
29, 2021 Lithium Corporation (“LTUM” or the
“Company”), signed a binding Letter of Intent (LOI) with Altura Mining Limited
(Altura – ASX:AJM/OTC:ALTAF), under which Altura has agreed to a Joint Venture
earn-in of a 60% interest on the Company’s Fish Lake Valley lithium-in-brine
prospect in Esmeralda County Nevada.
Under the
terms of the LOI Altura is to pay LTUM $50,000 USD within five days of signing,
followed by a 60 day due diligence period. Subsequent to due
diligence and the signing of a formal agreement (by July 31st or
other mutually agreed date) Altura is to pay the Company a further $100,000 and
issue the equivalent of $100,000 of Alturas common stock. Following
this on each annual anniversary of the signing of the formal agreement, Altura
is to:
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· |
1st Anniversary
pay LTUM $100,000 and issue the equivalent of $100,000 shares |
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· |
2nd Anniversary
pay LTUM $125,000 and issue the equivalent of $100,000 shares |
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· |
3rd Anniversary
pay LTUM $150,000 and issue the equivalent of $100,000 shares |
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· |
4th Anniversary
pay LTUM $150,000 and issue the equivalent of $100,000 shares |
Additionally
Altura is to perform exploration and development work on the property in the
value of:
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· |
Year 1 - $200,000 |
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· |
Year 2 - $400,000 |
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· |
Year 3 - $600,000 |
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· |
Year 4 - $800,000 |
On
completion of the above Altura will be deemed to have earned a 60% interest in
the Fish Lake Valley Project. Altura will have the option to
accelerate earn-in at Fish Lake Valley, and after earn-in will have the option
within 1 year of earn-in to purchase a further 20% interest in the property by
paying LTUM $1,750,000. Also within two years of making the initial
purchase of a portion of the Company’s residual interest Altura may purchase
LTUM’s remaining 20% interest in the property for a further $1,750,000 at which
point Lithium Corporation’s interest in the property would revert to a 2.5% Net
Smelter Royalty.
Item 7.01
Regulation FD Disclosure.
On April 30, 2021, the Company
issued a news releases regarding the LOI with Altura.
Item 9.01. Financial
Statements and Exhibits.
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Exhibit No. |
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Description |
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2 |
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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LITHIUM CORPORATION |
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/s/ Tom Lewis |
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Tom Lewis |
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President and Chief Executive
Officer |
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Date: May 4, 2021 |
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3 |
EX-10.1 2 ltum_ex101.htm EX-10.1
EXHIBIT
10.1
LETTER OF
INTENT FOR MINING CLAIM EARN-IN OPTION AGREEMENT
This
Letter of Intent (LoI) is made on the 29th day of April 2021.
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Between |
Altura
Mining Limited (ABN 39 093 391 774) of Level 9, 863 Hay St, Perth, WA, 6000
(herewith called “Altura”). |
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AND |
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Lithium Corporation of 1031
Railroad Street, Suite 102B, Elko, Nevada, 89801 (herewith called “LTUM”) |
Altura and LTUM shall together be
referred to as the “Parties”.
RECITALS:
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A. |
Altura
is a company established under the laws of Australia and is registered and
listed on the Australian Securities Exchange (ASX). |
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B. |
LTUM is
a company established under the laws of the United States of America (USA)
and is listed on the Over the Counter mid-tier equity market (OTCQB). |
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C. |
Altura
has previously developed a lithium mining operation in Australia and is
focused on discovery, evaluation and development of other lithium raw
material supply opportunities. |
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D. |
LTUM is
a USA based lithium raw material explorer and developer with a focus on
lithium brine (or salar) projects located in
Nevada, USA with the most advanced project known as Fish Lake Valley (FLV). |
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E. |
The
Parties will formulate an Earn-in Option Agreement (EOA) on the basis of the
Term Sheet as described in Schedule 1. |
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F. |
The
Parties each intend to commence a detailed evaluation of the FLV project in
order to advance knowledge, define a maiden resource, amenability to
extraction and economic assessment of the lithium brine project as a
priority. |
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G. |
The
Parties will carry out the terms and conditions of this LoI at all times in
good faith. |
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H. |
All
reference to $ (dollars) refers to United States Dollars. |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
The
Parties agree as follows:
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1. |
Altura
will pay LTUM the sum of fifty thousand dollars ($50,000) within five (5)
business days of signing this LoI. |
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2. |
The
Parties will execute a formal EOA no later than 31 July 2021 or such other
date as agreed between the parties. |
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3. |
With
the exception of Item 1 above, each party will be responsible for their own
costs in relation to execution of this LoI and the EOA. |
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4. |
A Term
Sheet outlining the proposed terms and conditions of EOA is attached as
Schedule 1, Term Sheet - Earn-in Option Agreement. |
Dated:
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Signed by Altura Mining
Ltd under s.127(1) of the Corporations Act 2001 |
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/s/ James Stuart Brown |
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sign |
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sign |
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Director |
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Director |
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office (director) |
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office (director or secretary) |
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James Stuart Brown |
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Allan Charles Buckler |
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full name |
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full name |
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Signed by Lithium Corporation
IRS EIN 98-0530295 |
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/s/ Thomas Michael Lewis |
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sign |
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sign |
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Director |
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Director |
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office (director) |
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office (director or secretary) |
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Thomas Michael Lewis |
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full name |
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full name |
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Page 2
of 9 |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
Schedule 1
Term Sheet - Earn-in Option
Agreement
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1. |
Parties |
Altura
Mining Ltd (ACN 093 391 774) of Level 9 863 Hay Street Perth WA 6000
Australia (Altura) (or nominee) and Lithium Corporation of 1031 Railroad St.
Suite 102B, Elko, Nevada, 89801, United States of America (LTUM). |
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2. |
Purpose |
This
Term Sheet sets out the terms and conditions of the Earn-in Option Agreement
(EOA) in which Altura has a right to earn a 60% interest in the Claims held
by LTUM as attached in Schedule 2 |
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3. |
Legal
Effect |
This
Term Sheet is legally binding and enforceable on the parties under the laws
of Nevada, United States of America |
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4. |
Condition
Precedent |
This
Term Sheet is subject to the condition precedent (CP) that Altura is
satisfied, in its sole discretion, with its due diligence enquiries in
relation to the Claims and gives LTUM notice in writing to that effect within
60 days after the date of signing this Term Sheet (DD Period). |
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5. |
Exclusivity |
During
the DD Period, subject to applicable statutory and fiduciary duties, LTUM
must not: (a) directly or indirectly solicit,
invite or facilitate any Competing Proposal; or (b) enter into any agreement in
respect of a Competing Proposal. Competing
Proposal means a transaction to obtain any interest in the Claims. |
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6. |
Claims |
The
Placer Claims (Claims)are all the claims owned by LTUM located in
Esmeralda County, Nevada forming the Fish Lake Valley Project and which are detailed in Schedule 2 |
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Page 3
of 9 |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
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7. |
Earn-in |
Subject
to satisfaction of the CP, which will trigger the commencement of Altura’s
four year, financial spend requirements (Earn-in Period); (a) LTUM grants Altura the sole
right to earn a 60% interest (Earned Interest) in the Claims by conducting exploration
and incurring expenditure relating to exploration and assessments including
associated resource and feasibility studies of the Claims and expenditure
incurred in clause 11 (a),(b),(d) to a value of no less than $US 2,000,000 in
aggregate (Expenditure) over the 4 year period commencing on the date that
the CP is satisfied (Earn-in Period) with the minimum annual expenditure as
follows: · Year 1 - $US 200,000; · Year 2 - $US 400,000; · Year 3 - $US 600,000; · Year 4 - $US 800,000. Collectively
the Expenditure. (b) For the avoidance of doubt,
each annual year of the Earn-in Period (years1 - 4) will start on the
anniversary of the commencement of the Earn-in Period. (c) In addition to the expenditure
commitment detailed in (a) above Altura is required to make payments in cash
and shares to LTUM upon execution of the EOA on the following basis: · Upon signing EOA Altura to pay
$US 100,000 and issue the equivalent of $US 100,000 in Altura shares; · 1st Anniversary
- $US 100,000 plus $US 100,000 equivalent in Altura shares; · 2nd Anniversary
- $US 125,000 plus $US 100,000 equivalent in Altura shares; · 3rd Anniversary - $US 150,000
plus $US 100,000 equivalent in Altura shares; · 4th Anniversary
- $US 150,000 plus $US 100,000 equivalent in Altura shares; (d) To this end, LTUM grants Altura
the unimpeded right to access and conduct exploration on the Claims during
the Earn-in Period. (e) Altura may withdraw from the
EOA on 1 month's written notice to LTUM, provided that: (i) at least $US 500,000 of Expenditure has been
funded by Altura. (f) Altura may at any time (and
from time to time) after the date that the CP is satisfied return
responsibility for any Claim to the holder of that Claim. From the effective
date of such return, the returned Claim will not be included as a Claim set
out in clause 6 above. (g) Altura may choose to accelerate
the expenditure commitments detailed in (a) above, and as long as the $US
2,000,000 has been spent, and equivalent cash and share payments as detailed
in (c) above have been paid or issued as the case may be, then the provisions
will be deemed to have been satisfied and the Earn-in Option satisfied. |
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8. |
Earn-in
of Interest |
Upon
Altura: (a) wholly incurring the
Expenditure; and (b) providing a report to LTUM of
the results of its exploration within the Claims during the Earn-in Period. Altura
earns the right for the Earned Interest to be legally transferred to it and
discussions on an unincorporated joint venture (Joint Venture/JV) between the
parties will commence along the guidelines set out in item 9. |
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Page 4
of 9 |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
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9. |
Joint
Venture |
Guidelines: (a) the purpose of the JV will be
to maintain the Claims in good standing, seek debt and equity finance for
exploration and development of the Claims; (b) each Participant may contribute
their interests in the Claims to the JV; (c) the commencing participating
interests (Participating Interests) in the JV will be 40% LTUM and 60% Altura
and the participants will share in the costs, expenditure and products (in
kind) of the JV in proportion to their Participating Interests; (d) the JV will be managed by a
Joint Venture Committee with two members appointed by each of the Parties and
voting pro rata on shareholding with the participation of the parties in the
JV; the chairman will not have a casting vote and decisions will be by simple
majority; (e) the Joint Venture Committee
will determine initial and then annual subsequent programmes and budgets for
the conduct of the JV; (f) he Joint Venture Committee will
appoint a joint venture manager (Manager), provided that Altura will be appointed
as the first Manager; (g) the Manager will have day to
day management of the Joint Venture, subject to annual programmes and budgets
approved by the Joint Venture Committee and subject to the relevant programme
and budget, may make cash calls from time to time; (h) the parties will be subject to
dilution in accordance with an agreed formula; and (i) Each Party shall grant the
other a Right of First Refusal in relation to any offer considered or
received in regard to each Parties equity interest, in the event of
notification to either Party for any or all of their equity interest the
non-selling Party will have 45 days to match or better the offer. |
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10. |
Option to purchase equity
interest |
Upon
completion of the EOA Altura may; (a) within one (1) year of
satisfaction of the EOA and after formally acquiring sixty percent (60%) of
the FLV Project, acquire an additional twenty percent (20%) equity interest
in the FLV Project from LTUM for one million seven hundred and fifty thousand
dollars ($1,750,000); (b) within two (2) years of
satisfaction of the EOA and formally acquiring eighty percent (80%) of the
FLV Project, acquire a further twenty percent (20%) equity interest in the
FLV Project from LTUM for one million seven hundred and fifty thousand
dollars ($1,750,000); (c) in the event that clause 10.
(a) and (b) are executed then LTUM will be entitled to a 2.5% Net Smelter
Royalty (NSR); and (d) Altura can elect to purchase
the rights to 50% of the NSR from LTUM for the sum of $US 2,000,000. |
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Page 5
of 9 |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
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11. |
Altura obligations during
Earn-in Period |
During
the Earn-in Period, Altura must after satisfaction of clause 4 of this
agreement, in respect of the Claims: (a) maintain the Claims in full
force and good standing and free from any liability for forfeiture or non-renewal; (b) comply with the conditions of
grant of the Claims, agreements in place at the time of signing with all
other parties and government authorities insofar as they apply to the Claims,
including paying all fees, rents, and other sums levied or assessed in
relation to the Claims; and (c) undertake sufficient annual
expenditure related to the CLAIMS to comply with the minimum expenditure
requirements in item 7; (d) Provide LTUM with an annual
report (including all data in relation to the Claims; and (e) Act in accordance and maintain
its OTC listing in the USA. |
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12. |
LTUM obligations during Earn-in
Period |
During
the Earn-in Period, LTUM must in respect of the Claims: (a) do all things necessary to
enable Altura to exercise its rights to conduct exploration and development
activities on the Claims; (b) not dispose of, cause or allow
any encumbrance or lien to be granted over, or allow an option to be granted
to any other person over, all or any part of the Claims; (c) not enter into any material
contract or incur any material liability in respect of all or any part of the
Claims; (d) not relinquish all or any part
of the Claims or its interest in the Claims without Altura’s prior written
consent, except as required by law; and (e) promptly notify Altura of any
claims, proceedings or notices from any government authority with respect to
the Claims. |
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13. |
Warranties |
As at
the date of this Term Sheet, each Party warrants for the benefit of the other
Party that: (a) it is validly incorporated,
organised and subsisting in accordance with the laws of its place of incorporation; (b) it has full power and capacity
to enter into and perform its obligations under this Term Sheet; (c) all necessary authorisations
for the execution, delivery and performance by it of this Term Sheet in
accordance with its terms have been obtained; and (d) its execution, delivery and
performance of this Term Sheet complies with its constitution and does not
constitute a breach of any law or obligation, or
cause a default under any agreement by which it is bound. |
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Page 6
of 9 |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
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14. |
Formal
Agreement |
The
Parties will negotiate, in good faith and acting reasonably, a formal earn-in
and exploration joint venture agreement (Formal Agreement) which will be
consistent with and replace and expand upon this Term Sheet, |
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15. |
Confidentiality |
This
Term Sheet, and any information, documents or discussions between the Parties
(and each parties’ respective officers, employees or representatives) in
connection with this Term Sheet are confidential and must not be disclosed by
any party to another person except: (a) to a party’s employees,
advisers, auditors or other consultants or to a Related Body Corporate of a
party requiring the information for the purposes of considering or complying
with this Term Sheet; (b) with the consent of the other party; (c) If required by law or the rules
of ASX; or OTC or (d) if the information is generally
and publicly available other than as a result of a breach of confidence by
the person receiving the information, and each party may only use such
information for the purpose for which it was disclosed; or (e) The Parties agree to
consult with one another prior to any such releases to each security
exchange. |
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16. |
Termination |
If
either party breaches this Term Sheet and does not
rectify the breach within 14 days of request in writing to do so by the other
party, the party that requested remedy of the breach may terminate this Term
Sheet on notice in writing to the other party. |
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17. |
General |
Unless
expressed to the contrary: (a)
headings (including those in the first column) are for convenience only and
do not affect the interpretation of this document; (b)
where an expression is defined anywhere in this document (including by
bolding and brackets) another part of speech or grammatical form of that
expression has a corresponding meaning; (c)
a reference: to an individual or person includes a firm, corporation,
incorporated association and a government or statutory body or authority; any
gender includes all genders; the singular includes the plural and vice versa;
recitals, clauses, schedules or annexures are to recitals, clauses, schedules
or annexures of or to this document; (d)
a statute, ordinance or other law includes regulations and other
statutory instruments made under it and consolidations, amendments and
re-enactments of it; (e)
this Term Sheet or another document includes this document as varied or replaced; (f) any party to
this document includes that party's executors, administrators, substitutes,
successors and permitted assigns. (g) This Term Sheet may be executed
in any number of counterparts, each of which when executed and delivered to
the other parties shall constitute an original, but all counterparts together
shall constitute one and the same agreement. |
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Page 7
of 9 |
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Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
Schedule 2
List of Claims – Twp’s 1N &
1S, Rge 36E of the Mount Diablo Meridian &
Baseline, Esmeralda County, Nevada
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Claim
Name |
BLM No. |
Area
(acres) |
1/2 |
1/4 |
Sec |
Twp |
Rge |
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FLN 1 |
NV
105231487 |
80 |
W |
SW |
24 |
1N |
36E |
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FLN 2 |
NV
105231488 |
80 |
E |
SE |
23 |
1N |
36E |
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FLN 3 |
NV
105231489 |
80 |
W |
SE |
23 |
1N |
36E |
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FLN 4 |
NV
105231490 |
80 |
E |
SW |
23 |
1N |
36E |
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FLN 5 |
NV
105231491 |
80 |
W |
SW |
23 |
1N |
36E |
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FLN 6 |
NV
105231492 |
80 |
E |
SE |
22 |
1N |
36E |
|
FLW 2 |
NV
105231493 |
80 |
W |
SE |
27 |
1N |
36E |
|
FL #5 |
NMC1006705 |
80 |
W |
NW |
26 |
1N |
36E |
|
FL #6 |
NMC1006706 |
80 |
E |
NW |
26 |
1N |
36E |
|
FL #7 |
NMC1006707 |
80 |
W |
NE |
26 |
1N |
36E |
|
FL #8 |
NMC1006708 |
80 |
E |
NE |
26 |
1N |
36E |
|
FL #9 |
NMC1006709 |
80 |
W |
NW |
25 |
1N |
36E |
|
FL #10 |
NMC1087284 |
80 |
W |
SW |
25 |
1N |
36E |
|
FL #11 |
NMC1087285 |
80 |
E |
SE |
26 |
1N |
36E |
|
FL #12 |
NMC1006710 |
80 |
W |
SE |
26 |
1N |
36E |
|
FL #13 |
NMC1006711 |
80 |
E |
SW |
26 |
1N |
36E |
|
FL #14 |
NMC1006712 |
80 |
W |
SW |
26 |
1N |
36E |
|
FL #15 |
NV
105231495 |
80 |
E |
SE |
27 |
1N |
36E |
|
FL #16 |
NV
105231496 |
80 |
E |
NE |
34 |
1N |
36E |
|
FL #17 |
NMC1006715 |
80 |
W |
NW |
35 |
1N |
36E |
|
FL #18 |
NMC1006716 |
80 |
E |
NW |
35 |
1N |
36E |
|
FL #19 |
NMC1006717 |
80 |
W |
NE |
35 |
1N |
36E |
|
FL #20 |
NMC1087286 |
80 |
E |
NE |
35 |
1N |
36E |
|
FL #21 |
NV
105231497 |
80 |
E |
SE |
35 |
1N |
36E |
|
FL #22 |
NMC1006719 |
80 |
W |
SE |
35 |
1N |
36E |
|
FL #23 |
NMC1006720 |
80 |
E |
SW |
35 |
1N |
36E |
|
FL #24 |
NMC1006721 |
80 |
W |
SW |
35 |
1N |
36E |
|
FL #90 |
NMC1087287 |
80 |
W |
NW |
36 |
1N |
36E |
|
FL #25 |
NV
105231498 |
80 |
E |
SE |
34 |
1N |
36E |
|
FL #26 |
NV
105231499 |
79.03 |
W |
NW |
2 |
1S |
36E |
|
FL #27 |
NV
105231500 |
78.85 |
E |
NW |
2 |
1S |
36E |
|
FL #28 |
NV
105231501 |
78.67 |
W |
NE |
2 |
1S |
36E |
|
FL #29 |
NV
105231502 |
78.49 |
E |
NE |
2 |
1S |
36E |
|
FL #30 |
NV
105231503 |
78.6 |
W |
NW |
1 |
1S |
36E |
|
FL #31 |
NV
105231504 |
80 |
W |
SE |
3 |
1S |
36E |
|
FL #32 |
NV
105231505 |
80 |
E |
SE |
3 |
1S |
36E |
|
FL #33 |
NV
105231506 |
80 |
W |
SW |
2 |
1S |
36E |
|
FL #34 |
NV
105231507 |
80 |
E |
SW |
2 |
1S |
36E |
|
FL #35 |
NV
105231508 |
80 |
W |
SE |
2 |
1S |
36E |
|
FL #36 |
NV
105231509 |
80 |
E |
SW |
2 |
1S |
36E |
|
Li 123 |
NV
105231510 |
80 |
N |
SE |
10 |
1S |
36E |
|
Li 124 |
NV
105231511 |
80 |
N |
SW |
11 |
1S |
36E |
|
Li 125 |
NV
105231512 |
80 |
S |
NE |
10 |
1S |
36E |
|
Li 126 |
NV
105231513 |
80 |
S |
NW |
11 |
1S |
36E |
|
Li 127 |
NV
105231514 |
80 |
N |
NE |
10 |
1S |
36E |
|
Li 128 |
NV
105231515 |
80 |
N |
NW |
11 |
1S |
36E |
|
Li 223 |
NV
105231516 |
80 |
N |
SE |
11 |
1S |
36E |
|
Li 225 |
NV
105231517 |
80 |
S |
NE |
11 |
1S |
36E |
|
Li 227 |
NV
105231518 |
80 |
N |
NE |
11 |
1S |
36E |
|
|
|
|
|
|
|
|
|
|
|
|
3913.64 |
Acres |
|
|
|
|
|
|
|
Page 8
of 9 |
|
|
|
Letter of Intent for Mining
Tenement Earn-in Option Agreement (LoI) |
|
Staked
March 21st 2021, but NOT Recorded |
|||||||
|
|
|
|
|
|
|
|
|
|
Li 0 |
|
80 |
E |
NW |
10 |
1S |
36E |
|
Li 1 |
|
80 |
S |
NE |
28 |
1S |
36E |
|
Li 2 |
|
80 |
S |
NW |
27 |
1S |
36E |
|
Li 3 |
|
80 |
N |
NE |
28 |
1S |
36E |
|
Li 4 |
|
80 |
N |
NW |
27 |
1S |
36E |
|
Li 5 |
|
80 |
S |
SE |
21 |
1S |
36E |
|
Li 6 |
|
80 |
S |
SW |
22 |
1S |
36E |
|
Li 7 |
|
80 |
N |
SE |
21 |
1S |
36E |
|
Li 8 |
|
80 |
N |
SW |
22 |
1S |
36E |
|
Li 9 |
|
80 |
S |
NE |
21 |
1S |
36E |
|
Li 10 |
|
80 |
S |
NW |
22 |
1S |
36E |
|
Li 11 |
|
80 |
N |
NE |
21 |
1S |
36E |
|
Li 12 |
|
80 |
N |
NW |
22 |
1S |
36E |
|
Li 13 |
|
80 |
S |
SE |
16 |
1S |
36E |
|
Li 14 |
|
80 |
S |
SW |
15 |
1S |
36E |
|
Li 15 |
|
80 |
N |
SE |
16 |
1S |
36E |
|
Li 16 |
|
80 |
N |
SW |
15 |
1S |
36E |
|
Li 17 |
|
80 |
S |
NE |
16 |
1S |
36E |
|
Li 18 |
|
80 |
S |
NW |
15 |
1S |
36E |
|
Li 19 |
|
80 |
N |
NE |
16 |
1S |
36E |
|
Li 20 |
|
80 |
N |
NW |
15 |
1S |
36E |
|
Li 22 |
|
80 |
S |
SW |
10 |
1S |
36E |
|
Li 24 |
|
80 |
N |
SW |
10 |
1S |
36E |
|
Li 107 |
|
80 |
N |
SE |
22 |
1S |
36E |
|
Li 109 |
|
80 |
S |
NE |
22 |
1S |
36E |
|
Li 113 |
|
80 |
S |
SE |
15 |
1S |
36E |
|
Li 114 |
|
80 |
S |
SW |
14 |
1S |
36E |
|
Li 115 |
|
80 |
N |
SE |
15 |
1S |
36E |
|
Li 116 |
|
80 |
N |
SW |
14 |
1S |
36E |
|
Li 117 |
|
80 |
S |
NE |
15 |
1S |
36E |
|
Li 118 |
|
80 |
S |
NW |
14 |
1S |
36E |
|
Li 119 |
|
80 |
N |
NE |
15 |
1S |
36E |
|
Li 120 |
|
80 |
N |
NW |
14 |
1S |
36E |
|
Li 121 |
|
80 |
S |
SE |
10 |
1S |
36E |
|
Li 122 |
|
80 |
S |
SW |
11 |
1S |
36E |
|
|
|
|
|
|
|
|
|
|
|
|
2,800 |
Acres |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand
Total |
6713.64 |
Acres |
|
|
|
|
|
|
|
Page 9
of 9 |
EX-99.1 3 ltum_ex991.htm EX-99.1
EXHIBIT
99.1
|
|
NEWS
RELEASE |
|
FOR IMMEDIATE RELEASE |
OTCQB:
LTUM |
LITHIUM
CORPORATION ANNOUNCES FISH LAKE VALLEY JOINT VENTURE WITH
ALTURA MINING LIMITED
Elko, NV
– April 30th, 2021 – Lithium Corporation (OTCQB:LTUM) (“LTUM” or “the
Company”), a North American corporation focused on energy metals for the
growing energy storage sector and high-tech industries, is pleased to announced
it has recently signed a Letter of Intent (LOI) with Altura Mining Limited
(Altura – ASX:AJM/OTC:ALTAF), under which Altura has agreed to a Joint Venture
earn-in of a 60% interest on the Company’s Fish Lake Valley lithium-in-brine
prospect in Esmeralda County Nevada.
Under the
terms of the LOI Altura is to pay LTUM $50,000 USD within five days of signing,
followed by a 60 day due diligence period. Subsequent to due diligence
and the signing of a formal agreement (by July 31st or other
mutually agreed date) Altura is to pay the Company a further $100,000 and issue
the equivalent of $100,000 of Alturas common stock. Following this on
each annual anniversary of the signing of the formal agreement, Altura is to:
|
|
· |
1st Anniversary
pay LTUM $100,000 and issue the equivalent of $100,000 shares |
|
|
· |
2nd Anniversary
pay LTUM $125,000 and issue the equivalent of $100,000 shares |
|
|
· |
3rd Anniversary
pay LTUM $150,000 and issue the equivalent of $100,000 shares |
|
|
· |
4th Anniversary
pay LTUM $150,000 and issue the equivalent of $100,000 shares |
Additionally
Altura is to perform exploration and development work on the property in the
value of:
|
|
· |
Year 1 - $200,000 |
|
|
· |
Year 2 - $400,000 |
|
|
· |
Year 3 - $600,000 |
|
|
· |
Year 4 - $800,000 |
On
completion of the above Altura will be deemed to have earned a 60% interest in
the Fish Lake Valley Project. Altura will have the option to accelerate
earn-in at Fish Lake Valley, and after earn-in will have the option within 1
year of earn-in to purchase a further 20% interest in the property by paying
LTUM $1,750,000. Also within two years of making the initial purchase of
a portion of the Company’s residual interest Altura may purchase LTUM’s
remaining 20% interest in the property for a further $1,750,000 at which point
Lithium Corporation’s interest in the property would revert to a 2.5% Net
Smelter Royalty.
|
|
|
|
Altura is
the single largest shareholder in Lithium Corporation, and the two companies
have maintained an alliance since 2012. Tom Lewis, President and CEO of
Lithium Corporation recently commented, “I am delighted that we are going to
collaborate on Fish Lake Valley with Altura, after our long association with
them, and believe this arrangement could usher in the dawn of a new era for
lithium-in-brine exploration and development in the Great Basin”. Under
the guidance of James Brown the Managing Director of Altura, AJM/ALTAF has a
history of development and mining, having raised in the order of $250,000,000
in the past decade, and owned various interests in several mines during this
period. With Altura’s proven ability to move properties from exploration
through feasibility and into production, the Company eagerly anticipates
developments at our Fish Lake Valley property.”
About Lithium Corporation
Lithium
Corporation is an exploration company based in Nevada devoted to the
exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within
the ever-expanding next generation energy storage markets. The Company has
maintained a strategic alliance with Altura Mining for the past eight
years. Website: www.lithiumcorporation.com.
Contact Info
Tom Lewis, CEO
Lithium Corporation
775-410-5287
info@lithiumcorporation.com
About Altura Mining Limited
Altura Mining Limited is an
ASX/OTC listed Lithium exploration and development company based in Perth West
Australia. Website: www.alturamining.com
Notice
Regarding Forward-Looking Statements
This
current report contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this press release
which are not purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions regarding the
future.
Actual
results could differ from those projected in any forward-looking statements due
to numerous factors. Such factors include, among others, the inherent
uncertainties associated with mineral exploration and difficulties associated
with obtaining financing on acceptable terms. We are not in control of minerals
prices and these could vary to make development
uneconomic. These forward-looking statements are made as of the date of this
news release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe that the
beliefs, plans, expectations and intentions contained in this press release are
reasonable, there can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all of the
information set forth herein and should also refer to the risk factors
disclosure outlined in our most recent annual report for our last fiscal year,
our quarterly reports, and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
Lithium Corporation (OTC-LTUM) 1031 Railroad St. Ste 102B Elko NV 89801
(775) 410-5287 www.lithiumcorporation.com
|
|