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Wildcat Announces Letter of Intent with Palisade Resources Corp.
(via Thenewswire.ca) August 16, 2016 / TheNewswire / Vancouver, British Columbi...
About this update from Fuse Battery Metals Inc
[{"type":"text","content":"Wildcat Announces Letter of Intent with Palisade Resources Corp.(via Thenewswire.ca)\n \n \nAugust 16, 2016 / TheNewswire / Vancouver, British Columbia: Wildcat Exploration Ltd, (\"the Company or Wildcat\"), (TSX-V: WEL; OTC Pink:WCTXF) announces that it has entered into a binding Letter of Intent (\"LOI\") dated August 8, 2016 with Palisade Resources Corp. (\"Palisade\") whereby Palisade shall grant an option to the Company to acquire up to a 100% interest, subject to a 2% Net Smelter Royalty, in and to certain mining claims located in the District of Temiskaming, Ontario (the \"Property\"). \n\n \n \nThe Company and Palisade shall enter into a definitive option agreement, pursuant to which Palisade shall grant to Wildcat an option to acquire a 100% interest in the Property. The Option Agreement is subject to TSX Venture Exchange (\"Exchange\") approval. Wildcat may exercise the Option by:\n\n \n \n\n\n-paying $200,000 and issuing Palisade 2,500,000 shares of the Company upon Exchange approval (the \"Effective Date\");\n\n\n\n-paying $50,000 and issuing Palisade 2,500,000 shares of the Company within six months of the Effective Date (the \"Second Option Payment\") in order to acquire an initial 40% interest in the Property.\n\n\n\n-Paying $50,000 and issuing Palisade 2,500,000 shares of the Company every six months from the date of the Second Option Payment for a period of 72 months, in order to acquire an additional 5% interest in the Property every six month period.\n\n\n\n \n \nThere are number of conditions precedent including completion of due diligence to the satisfaction of Wildcat on the Property; execution of an Option Agreement within 21 days of the date of the LOI and receipt of all board and regulatory approvals.\n\n \n \nAbout Wildcat Exploration Ltd: http://www.wildcat.ca\n\n \n \nWildcat Exploration Ltd is a well funded Canadian company focused on the exploration and development of minerals related to the lithium battery sector. The company has recently raised over $1.7 million through a private placement. On July, 15th, 2016 the company announced an option agreement to acquire a large lithium exploration project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium in active geothermal fluids and surface salts in Dixie Valley match characteristics of producing lithium b...