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GBML Battery Announces Improved Terms of its Letter of Intent to Acquire up to 90% of the North-West Leinster Lithium Property in Ireland
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2020) - GBML Battery Metals Ltd. ( TS...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"GBML Battery Announces Improved Terms of its Letter of Intent to Acquire up to 90% of the North-West Leinster Lithium Property in IrelandVancouver, British Columbia--(Newsfile Corp. - April 21, 2020) - GBML Battery Metals Ltd. (TSXV: GMBL) (FSE: REZ) (OTCQB: REZZF) (\"the Company\" or \"GBML\") announce that it has entered into an amended Letter of Intent (the \"LOI\") with LRH Resources Ltd (LRHR), an arms length non-related private exploration company. The LOI re-defines the option agreement as previously announced on October 28, 2018, in which GBML has the option to acquire up to 90% of the North West Leinster Lithium Property in the Republic of Ireland.GBML continues to have the right to exercise three options (the \"Options\") to acquire up to 90% of the of the NWL Property as follows:Option one: GBML can earn a 17.5% equity interest in the project by spending: (i) €85,000 on expenditures on the PROJECT by October 12th, 2022. This is the required property spend separate from the license fees. (ii) up to €6,500 in connection with all such license charges, fees and rents as may be required to keep the project in good standing. The company shall continue to liaise with the governing license authority; the Exploration and Mining Division of the Department of Communications, Climate Action and the Environment in relation to restrictions on ongoing exploration activity, vis a-vis potentially any effect that this may have on the required minimum exploration expenditure to be incurred, as the result of the Covid-19 pandemic.Option two: In the event that GBML exercises the 1st Option Earn-In, GBML can earn a further 37.5% interest (for a cumulative 55% interest in total) in the project by: (i) providing notice to LRHR of exercise of the 1st Option Earn-In (ii) spending a further €500,000 on expenditures on the Project within two years following receipt by LRHR of the 1st Option Notice; and (iii) paying LRHR €50,000 in either cash or common shares of GBML, at the option of GBML, with there being a minimum cash component of €5,000. Prior to the exercise of the 2nd Option Earn-In, GBML shall have a tag-along right such that if LRHR sells its share of the project (and GBML does not exercise its ROFR), the purchaser of LRHR's interest in the project will have to acquire GBML's interest in the PROJECT un...