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Fission 3 Completes Binding Earn-In Agreement for up to $22mm with Rhyolite
Fission 3 Completes Binding Earn-In Agreement for up to $22mm with Rhyolite Canada...
About this update from F3 Uranium Corp
[{"type":"text","content":"\n\n\n\nFission 3 Completes Binding Earn-In Agreement for up to $22mm with Rhyolite\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKELOWNA, BC, March 13, 2019\n\n\n\nTSX VENTURE SYMBOL: FUU\n KELOWNA, BC, March 13, 2019 /CNW/ - Fission 3.0 Corp. (\"Fission 3\" or the \"Company\") is pleased to announce that, further to its news release on August 16, 2018, it has entered into a binding agreement (the \"Earn-In Agreement\") with Rhyolite Lithium Corp. (\"Rhyolite\"), pursuant to which Rhyolite can earn up to an 80% interest in Fission 3's mining concessions located in Peru (the \"Peruvian Assets\") by spending up to C$22 million over a five-year period (the \"Earn-In\").\n\n \n \n\n \nPursuant to the Earn-In Agreement, Rhyolite is required to spend a minimum of C$5.5 million prior to December 31, 2020 to earn a 50% interest in the Peruvian Assets (\"Stage One\"), and has the option to spend a further C$16.5 million over the following three years to earn an additional 30% interest in the Peruvian Assets (\"Stage Two\"). If Rhyolite does not complete Stage One, Rhyolite will earn no interest in the Peruvian Assets, and if it elects to begin, but does not complete, Stage 2, it will only be granted a portion of the additional 30% interest.\nIn connection with the entrance into the Earn-In Agreement, and as consideration for the Earn-In, Fission 3 was issued 19.9% of the issued and outstanding shares of Rhyolite and was granted a right to participate, on a pro rata basis, in all future financings of Rhyolite to maintain its proportionate interest in Rhyolite.\nFission 3 will remain the operator of the Peruvian Assets until the completion of Stage One.\nCEO Dev Randhawa commented,\n\"The Macusani area has shown strong potential for both uranium and lithium resources, as demonstrated by the recent results of operators in the nearby and surrounding area. We are pleased to partner with Rhyolite Lithium, which has strong financial backers with the equity needed to fund important work programs on the Macusani Project. We belie...