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Edison Lithium to Acquire Alkali Dispositions in Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2023) - Edison Lithium Corp. (TSXV: E...
About this update from Edison Lithium Corp.
[{"type":"text","content":"Edison Lithium to Acquire Alkali Dispositions in SaskatchewanVancouver, British Columbia--(Newsfile Corp. - August 25, 2023) - Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV00) (\"Edison\" or the \"Company\") announces that it has entered into an asset purchase agreement (the \"Agreement\") with Globex Mining Enterprises Inc. (\"Globex\") dated the 11th day of July, 2023, pursuant to which the Company shall acquire from Globex the rights to certain alkali dispositions located in Ceylon Lake, Freefight Lake and the north and south areas of Cabri Lake, in the Province of Saskatchewan (collectively, the \"Alkali Dispositions\").The Alkali Dispositions are summarized below:Alkali DispositionsLocationNumber of LSD(1)Grid CellsAcresCeylon Lake321,279.86Freefight Lake22883.88Cabri Lake North301,200.79Cabri Lake South301,200.36Total Acres:4,564.89(1) Unsurveyed legal subdivisionUnder the terms of the Agreement, Globex shall transfer all of its right, title and interest in the Alkali Dispositions to Edison in exchange for (a) a cash payment of $35,000 payable to Globex by the Company; (b) the issuance of 156,250 common shares in the capital of Edison (the \"Consideration Shares\") in favour of Globex; and (c) payment to Globex of a royalty of 2% of gross revenue from Commercial Production (as such term is defined in the Agreement) of mineral products by Edison. The Consideration Shares to be issued in connection with the Agreement shall be subject to a statutory hold period of four months from the date of issuance. The Agreement, including the issuance of the Consideration Shares and all other transactions contemplated by the Agreement, remain subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.About Edison Lithium Corp.Edison Lithium Corp. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, and other energy metal properties. The Company's acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in areas with proven geological potential. Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery m...