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Lithium Energy Announces Entry into Definitive Agreement for proposed Qualifying Transaction with American Strategic Minerals Inc.
(via TheNewswire) April 3, 2019 / TheNewswire / Vancouver, BC - Lithiu...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Lithium Energy Announces Entry into Definitive Agreement for proposed Qualifying Transaction with American Strategic Minerals Inc.(via TheNewswire)\n \n \nApril 3, 2019 / TheNewswire / Vancouver, BC - Lithium Energy Products Inc. (TSX-V: LEP) (FRANKFURT: N8I) (\"LEP\") is pleased to announce that, further to its news release of January 21, 2019, it has entered into a definitive amalgamation agreement dated effective April 1, 2019 (the \"Amalgamation Agreement\") with American Strategic Minerals Inc. (\"ASM\"), an arm's length British Columbia-based company engaged in an active fluorspar mining operation in Utah, pursuant to which LEP has agreed to acquire all of the shares of ASM by way of a three-cornered amalgamation (the \"Transaction\") between LEP, ASM and a wholly-owned subsidiary of LEP formed for the purpose of completing the amalgamation (\"Newco\"). Pursuant to the terms of the Amalgamation Agreement, the shareholders of ASM will receive one common share of LEP (each, a \"LEP Share\") and one half warrant at an exercise price of $0.16 (each, a \"LEP Warrant\") for each two shares of ASM (each, an \"ASM Share\"). In connection with the completion of the Transaction, LEP intends to change its name to \"Ares Mining\" or such other name as may be agreed by the parties.\n\n\n \nThe Transaction will result in the reverse takeover of LEP by ASM. LEP and ASM are parties dealing at arm's length, therefore the Transaction will not be a non-arms' length transaction under the policies of the TSX Venture Exchange (the \"TSXV\"). \n\n\n \nAbout American Strategic Minerals Inc.\n\n\n \nASM is a corporation incorporated pursuant to the laws of British Columbia. ASM possesses an active fluorite mining operation. A wholly owned Utah subsidiary of ASM currently possesses 51 U.S. federal mining claims in Juab County, Utah, and approximately 640 acres. Additional claims are actively being staked, which will also form part of the property acquired by LEP. ASM also indirectly holds certain mining equipment, an active plant, and an existing bagging and processing facility.\n\n\n \nPursuant to the audited financial statements of ASM for the year ended December 31, 2018, ASM's working capital deficit is $65,626. ASM has current assets of approximately $151,000, and total assets of approximately $2.15M. ASM holds $2.0M in exploration and evaluat...