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LiCo Energy Metals Closes Transaction to Option out Ontario Cobalt Properties to Surge Exploration Inc.
(via TheNewswire) Vancouver, British Columbia / TheNewswire / June 11, 2018 - LiCo Ene...
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[{"type":"text","content":"LiCo Energy Metals Closes Transaction to Option out Ontario Cobalt Properties to Surge Exploration Inc.(via TheNewswire)\n\n \nVancouver, British Columbia / TheNewswire / June 11, 2018 - LiCo Energy Metals Inc. (\"the Company\" or \"LiCo\") TSX-V: LIC, OTCQB: WCTXF announces that further to the Company's news release dated May 8, 2018 and the conditional acceptance letter from the TSX Venture Exchange (\"Exchange\") dated June 8, 2018 approving the option agreement with Surge Exploration Inc. (\"Surge\") dated May 7, 2018 (the Agreement\"), whereby Surge may earn an undivided 60% interest in the Glencore Buck Property and the Teledyne Cobalt Property, located in Cobalt, Ontario the transaction has now closed. The transaction is subject to final Exchange approval.\n\n\n \nTerms of the Option:\n\n \n \nPurchase Price -Surge shall pay the Company the sum of $240,000 and issue 1,000,000 fully paid and non-assessable common shares in the capital of Surge upon Exchange Approval. In addition, Surge shall incur an aggregate of $1,536,000 in Exploration Expenditures on the Property on or before two years from the date of the Agreement.\n\n \n \nJoint Venture - Upon Surge having exercised the Option, Surge will have earned an undivided 60% interest in the Property, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.\n\n\n \nFairness Opinion - LiCo has received an independent third-party fairness opinion from Bruce Laird, P.Geo. relating to the transaction. The fairness opinion confirms and concludes the terms of the Option Agreement between the Company and Surge is fair to the shareholders of the Company.\n\n \n \nAbout LiCo Energy Metals: https://licoenergymetals.com/\n\n \n \nLiCo Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company's focus is directed towards exploration for high value metals integral to the manufacture of lithium ion batteries.\n\n \n \n\nClick Image To View Full Size\n\n \n \nGlencore Bucke Cobalt Project (Cobalt, Ontario): The Company has purchased a 100% interest from Glencore Canada Corporation (subsidiary of Glencore plc) in the Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. Str...