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Update to "LiCo Energy Metals Enters into Letter of Intent to Acquire Lithium Exploitation Concession, Salar de Atacama in Chile’s Lithium Triangle" Press Release
(via TheNewswire) Jan 6, 2017/ TheNewswire / Vancouver, British Columbia; - LiCo Energ...
About this update from Fuse Battery Metals Inc
[{"type":"text","content":"Update to \"LiCo Energy Metals Enters into Letter of Intent to Acquire Lithium Exploitation Concession, Salar de Atacama in Chile’s Lithium Triangle\" Press Release(via TheNewswire)\n \n \nJan 6, 2017/ TheNewswire / Vancouver, British Columbia; - LiCo Energy Metals Inc. (\"the Company\" or \"LiCo\") TSX-V: LIC, OTCQB: WCTXF would like to provide shareholders with an update to the announcement from Tuesday, January 3, 2017 wherein the Company entered into a non-binding Letter of Intent (LOI) with Durus Copper Chile Spa (\"Durus Copper\"), of Santiago, Chile whereby LiCo can earn up to a 60% interest in the Purickuta Lithium Exploitation Concession (the \"Purickuta Project\") located within Chile's Salar de Atacama, the world's largest and purest active source of lithium. The LOI, when superseded by a definitive option agreement, will require LiCo to make cash payments totalling USD$8.4 million, issuing 5 million shares and making work and development commitments during the term of the option agreement.\n\n \n \nThe Company's shares were halted from trading after the announcement on January 3, 2017 as the TSX Venture Exchange (\"Exchange\") deemed the transaction to be a fundamental acquisition pursuant to Exchange Policy 5.3 (\"the Policy\"). In accordance with the Policy, the Company has now filed the required documents and trading has resumed. The transaction is subject to Exchange approval.\n\n \n \nThe Purickuta Project exhibits many highly desirable and key acquisition attributes, including: \n\n\n \n1) the appearance of both a low-cost resource definition opportunity and a near term production opportunity; \n\n\n \n2) the overall project size fits well within the capability of a junior company seeking to quickly define reserves and establish production facilities; \n\n\n \n3) the property is well situated within the Salar de Atacama, the highest-grade lithium salar in the world; \n\n\n \n4) within the Salar de Atacama, lithium brines exist within 140 feet of surface resulting in low costs of exploration and extraction; \n\n\n \n5) the Purickuta Concession lies relatively near existing pumping and solar evaporation installations; \n\n\n \n6) the Purickuta Concession is close to power, labour, communications, transportation and other infrastructure.\n\n \n \nThe Company intends to undertake a preliminary reso...