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ExGen Announces ROFR and Convertible Loan to Private Company in Connection with the Spark South Lithium Project in Elko County Nevada
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About this update from Exgen Resources Inc.
[{"type":"text","content":"ExGen Announces ROFR and Convertible Loan to Private Company in Connection with the Spark South Lithium Project in Elko County Nevada\n\n\n\n\n NOT\n \n\n FOR\n \n\n DISTRIBUTION\n \n\n TO\n \n\n UNITED\n \n\n STATES\n \n\n NEWSWIRE\n \n\n SERVICES\n \n\n OR\n \n\n FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n VANCOUVER, British Columbia, April 11, 2025 (GLOBE NEWSWIRE) --\n \n ExGen Resources Inc.\n \n (TSX.V: EXG; OTC: BXXRF) (“\n \n ExGen\n \n ”, the “\n \n Company\n \n ”): ExGen is pleased to announce that it has secured a right of first refusal (the “\n \n ROFR\n \n ”) in relation to the Spark South lithium project, south and adjacent to Surge Battery Metals Inc.'s Nevada North lithium project, both in Elko county, Nevada, as partial consideration for a C$750,000 unsecured convertible loan (the “\n \n Loan\n \n ”) granted by the Company to an arms-length private company (the “\n \n Vendor\n \n ”). The ROFR was granted pursuant to a right of first refusal agreement dated April 8, 2025 between the Company and the Vendor (the “\n \n ROFR Agreement\n \n ”). The Loan is evidenced by an unsecured convertible debenture granted by the Vendor to the Company (the “\n \n Debenture\n \n ”).\n \n\n Pursuant to the ROFR Agreement, the Company has a right of first refusal, during the period of three (3) years following the date of the ROFR Agreement, in respect of any third-party transaction that would result in a change of control of the Vendor. Pursuant to the terms of the Debenture, the Loan has a term of three (3) years, subject to early termination on a change of control, and carries interest at a rate of 15% per annum, payable on maturity (either upon a change of control or at the end of the term). The principal and interest under the Debenture are convertible at the option of the Corporation for shares in the Vendor at a price of $0.15 per share.\n \n\n Jason Riley, Chief Executive Officer of ExGen, commented, \"We believe the Lithium district in Elko county, Nevada, is one of the highest-grade lithium opportunities and could be the next development area in North America. Our first acquisition (March 2025) within the district was the Spark North situated just North of Surge Battery’s lithium discovery. Subsequently, with this ...