Business
Piedmont Lithium Inc. Enters into Definitive Agreements with Benton Resources Inc. and Sokoman Minerals Corp. to Acquire an Interest in the Killick Lithium Project
Thunder Bay, Ontario--(Newsfile Corp. - October 11, 2023) - Benton Resources Inc. (TSXV: BEX) (" ...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Piedmont Lithium Inc. Enters into Definitive Agreements with Benton Resources Inc. and Sokoman Minerals Corp. to Acquire an Interest in the Killick Lithium ProjectThunder Bay, Ontario--(Newsfile Corp. - October 11, 2023) - Benton Resources Inc. (TSXV: BEX) (\"Benton\") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (\"Sokoman\") are pleased to announce the entering into of the Definitive Agreements (as defined below) with Piedmont Lithium Inc. (NASDAQ: PLL) (ASX: PLL) and its subsidiaries (\"Piedmont\"), enabling Piedmont to earn up to a 70% direct and indirect ownership interest in the area and lands comprising the Golden Hope project (the \"Golden Hope Project\") to be renamed the Killick Lithium Project, located in southwestern Newfoundland (the \"Transaction\").Piedmont transaction highlights:Piedmont is one of North America's leading lithium companiesNewfoundland is ranked in the top jurisdictions to explore and develop mineral potential Benton and Sokoman incorporated Vinland Lithium Inc. (\"Vinland\") and its wholly-owned subsidiary Killick Lithium Inc. (\"Killick\"), into which they transferred the Golden Hope ProjectPiedmont has vast technical and geological knowledge in similar geology to that of Killick pegmatitesPiedmont financed Vinland CAD$2.0M @ CAD$1.00 per share to hold 19.9% Piedmont will have the option to earn up to a 62.5% direct interest in Killick by spending an aggregate CAD$12.0M in exploration and development during the option periodUpon Piedmont completing all earn-in options, Piedmont will have paid Benton and Sokoman up to a total of CAD$10.0M in Piedmont shares Benton and Sokoman to retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick.Figure 1: Killick Lithium Project relative to Piedmont's asset portfolioTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3657/183572_9424c0185487fba4_003full.jpgPursuant to the terms of the Transaction, (i) each of Benton and Sokoman assigned all of its rights and interests to the Golden Hope Project (the \"Golden Hope Project Rights\") to Vinland, a newly incorporated British Columbia corporation, in exchange for all of the issued and outstanding shares in the capital of Vinland, held by each in equal proportions, and, in turn, Vinland assigned the Golden Hope Pro...