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Lithium Energy Products Acquires Ironmist Vanadium Property
(via TheNewswire) Robert Friedland recently said: "there's a revolution co...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Lithium Energy Products Acquires Ironmist Vanadium Property(via TheNewswire)\n \n \nRobert Friedland recently said: \"there's a revolution coming in vanadium Redox batteries... You'll have to get into the mining business and produce ultra-pure vanadium electrolyte for those batteries on a massive scale.\" - Northern Miner Interview, 2017\n\n\n \nVancouver, British Columbia / TheNewswire / June 19, 2018 - LITHIUM ENERGY PRODUCTS INC. (\"Lithium Energy Products\" or \"LEP\" or the \"Company\") (TSX-V: LEP) (FRANKFURT: N8I) is pleased to announce the signing of a definitive agreement for the acquisition of a 100% interest in the Ironmist Vanadium Property from Darren Blaney, Carmen Blaney and Brayden Blaney (the \"Vendors\"). The Ironmist Vanadium Property (the \"Property\") consists of 20 mining claims, covering over 5,200 acres, situated 40 minutes by road from Kamloops, British Columbia. \n\n \n \nUnder the terms of the agreement, the Company will make a $35,000 cash payment and issue 2,250,000 common shares to the Vendors. The Company also intends to raise capital by way of a private placement (\"Financing\") within sixty (60) days of the signing of the agreement. Upon completion of the Financing, the Company will make an additional $100,000 in cash payment to the Vendors and issue 250,000 common shares (\"Additional Considerations\"), and in any event, these Additional Considerations will be made no later than sixty (60) days from the signing of the agreement, in addition, the Vendors will retain a 1% net smelter returns royalty (\"NSR\") on the Property. In the event that the Additional Considerations are not made within sixty (60) days from the singing of the agreement, the agreement will be terminated. The transaction is subject to regulatory approval and closing is expected following receipt of approval.\n\n \n \nJames Walker, CEO of LEP said, \"This is a great find and acquisition. As the market shifted its focus to vanadium we examined many potential vanadium projects, but none had the surveying, geophysics, data and scope for expansion as this project.\" The vanadium spot price has increased almost 6 times in 2 years, from $2.5/lbs in 2016 to over $14/lbs today. The use of vanadium in Redox batteries, which have many favourable qualities1 compared to other battery types, has put pressure has put pressure on supply of th...