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Global Battery Amends and Restates Letter of Intent for North-West Leinster Lithium Property in Ireland and Upsizes Non-Brokered Financing to $1,160,000
Vancouver, British Columbia--(Newsfile Corp. - August 19, 2022) - Global Battery Metals Ltd....
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Amends and Restates Letter of Intent for North-West Leinster Lithium Property in Ireland and Upsizes Non-Brokered Financing to $1,160,000Vancouver, British Columbia--(Newsfile Corp. - August 19, 2022) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the \"Company\" or \"GBML\"), an international critical mineral exploration and development company focused on growth-oriented battery metal projects, announces that the Company has amended and restated its letter of intent with LRH Resources Ltd. (\"LRHR\"), an arm's-length private exploration company, effective August 15, 2022 (the \"Second Amended LOI\"). LRHR is a wholly-owned subsidiary of Technology Minerals Plc, a UK listed company. The Company and LRHR signed the original letter of intent on October 28, 2018 and executed the first amendment thereto (the \"First Amended LOI\") on April 16, 2020. Second Amended LOIThe Second Amended LOI adds one new licence to the North-West Leinster Lithium Property (the \"Property\" or the \"Project\") that is under option to the Company by LRHR. More specifically, licence number PLA 1597 has been added resulting in a total of 16 licenses that are now covered by the Second Amended LOI. The Property is located approximately 35km southwest of Dublin, Ireland.GBML continues to have the right to exercise three options (the \"Options\") to acquire up to 90% of the Property as follows: First Option: GBML can earn a 17.5% equity interest in the Project by spending: €85,000 in expenditures, the required Property spend separate from the license fees, on the Project by October 12, 2022 (which has been spent); andup to €6,500 in connection with all such license charges, fees and rents as may be required to keep the Property in good standing (which has been spent). Second Option: Once the First Option is exercised, GBML can earn a further 37.5% interest, for a cumulative 55% interest in total, in the Project by: spending a further €500,000 in expenditures on the Project within two years following receipt by LRHR of the notice of exercise of the First Option. (€244,000 of this has been incurred) The Second Amended LOI clarifies that any overspend by the Company in the period that the First Option is outstanding will count toward expenditures in the period that the Second Option is outstanding....