Business
AIS Resources Limited Acquires Right to Earn 100% Interest in Lithium and Cobalt Property Portfolio, and Announces Private Placement
(via Thenewswire.ca) VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 27, 2016 - AIS R...
About this update from Ais Resources Ltd
[{"type":"text","content":"AIS Resources Limited Acquires Right to Earn 100% Interest in Lithium and Cobalt Property Portfolio, and Announces Private Placement(via Thenewswire.ca)\n\n \nVANCOUVER, BRITISH COLUMBIA / TheNewswire / July 27, 2016 - AIS Resources Limited. (TSX VENTURE: AIS.H) (\"AIS\" or the \"Company\") is pleased to announce that it has entered into an Option Agreement (the \"Agreement\") with DG Resource Management (DGRM) to acquire a 100% interest in the Fiedmont Lithium Property near Val d'Or, Quebec, and the Lac Manitou and Lac Volant cobalt properties located north of Sept-Iles, Quebec (collectively termed herein, the \"Properties\").\n\n \n \nConcurrent with the acquisition of the Properties, the Company will be closing a private placement financing of 3 million units at $0.10 per unit for gross proceeds of $300,000. Each unit will be comprised of one common share and one half share purchase warrant. Each warrant is exercisable at $0.20 per common share for one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.30 for a period of fifteen (15) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given.\n\n \n \nThe net proceeds of the Private Placement will be used to explore the Fiedmont, Lac Volant, and Lac Manitou properties, and for general working capital purposes.\n\n \n \nThe Fiedmont Property encompasses 2,020 hectares (4,992 acres), and is located proximal to the past producing Quebec Lithium Mine, covering the same geologic contact and potential extensions to the trend of other lithium occurrences to the northwest. Historic exploration within the region has discovered numerous lithium bearing pegmatites across an approximately 20 km long trend. \n\n \n \nThe past-producing Quebec Lithium Mine, located approximately four kilometres northwest of the Fiedmont Property, contains a measured resource of 6.9 million tonnes (Mt) at 1.18% Li2O, an indicated resource of 26.3 Mt at 1.19% Li2O, and an inferred resource ...