Business
Critical Elements and Lomiko to Explore Bourier Lithium Property in Quebec for Electric Vehicle Market
MONTREAL, QUEBEC--(Marketwired - April 28, 2016) - Critical Elements Corporation ("Critical Elements" or the "Company") (TSX VENTURE:CRE) (OTCQX:CRECF) (FRANKFU
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - April 28, 2016) - Critical Elements Corporation (\"Critical Elements\" or the \"Company\") (TSX VENTURE:CRE) (OTCQX:CRECF) (FRANKFURT:F12) are pleased to announce that Critical Elements and Lomiko Metals Inc. (\"Lomiko\") (TSX VENTURE:LMR) (OTCQX:LMRMF), (FRANKFURT:DH8B) have entered into an option agreement (\"Agreement\") for Lomiko to acquire up to a 70% interest in the Bourier project. \"Recent consumer interest in electric vehicles has increased investor interest in Lithium and Graphite\", stated A. Paul Gill, CEO, Lomiko, \"We are on the verge of reducing oil consumption and creating a green economy. Quebec is in a unique positon of having ample supply of both commodities and is the focus of Lomiko's mineral interests.\" \"This option agreement with Lomiko will allow the Bourier property to be explored in detail for a Lithium Pegmatite discovery. Critical Elements is currently focused on the development of its Rose lithium project. With Lomiko farming into the Bourier project, shareholders of both companies will be able to benefit from successful exploration of a highly prospective project,\" stated Jean-Sébastien Lavallée, President and CEO, Critical Elements. Terms of the transaction Under the Agreement, Lomiko will earn its interest in Bourier by way of a farm-in arrangement. The key terms of the Agreement are detailed in the below: Grant of first option Critical Elements grants to Lomiko the exclusive right and option to acquire, on or before December 31, 2017, an initial 49% Earned Interest ¢in the Property Bourier by issuing to Critical Elements an aggregate of 5,000,000 common shares of Lomiko, by paying to Critical Elements $10,000 cash and by incurring or funding Exploration Expenditures for a total amount of $750,000 on the Property, as follows: paying to Critical Elements $10,000 cash within a delay of fifteen (15) days following the execution of this Agreement (non-refundable); issuing to Critical Elements 2,500,000 common shares immediately following the receipt of the required approvals from the Exchange, and issuing and additional 2,500,000 common shares on or before December 31, 2016; and incurring or funding Exploration Expenditures aggregating not less than $750,000 on the Property, of which an amount of $350,000 must be incurred or funded before December 31, 2016 and...