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Global Battery Enters into Option Agreement to Acquire up to 100% of Lapoile Lithium Project, Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2021) - Global Battery Metals Ltd....
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Enters into Option Agreement to Acquire up to 100% of Lapoile Lithium Project, NewfoundlandVancouver, British Columbia--(Newsfile Corp. - November 16, 2021) - Global Battery Metals Ltd. (TSXV: GBML) (FSE: REZ) (OTCQB: REZZF) (the \"Company\" or \"GBML\") is pleased to announce that it has entered into an option agreement (the \"Agreement\") with Kevin Keats and Allan Keats (together, the \"Optionors\") to acquire up to a 100% interest in the Lapoile Lithium Project in Newfoundland.The Lapoile lithium property (the \"Property\") consists of 320 claims encompassing 8,000 hectares in southwestern Newfoundland, approximately 35 kilometres from the Golden Hope property jointly held by Sokoman Minerals Corp. and Benton Resources Inc., which recently announced several economic grab samples above 2% Li2O (see September 15, 2021, news release issued by Benton Resources Inc.). Of the 35 samples reported from the Golden Hope Joint Venture Project, 11 gave values greater than 1% Li2O with three greater than 2% Li2O and a high of 2.37% Li2O. Historical till sampling has also indicated the existence of lithium showings.Michael Murphy, President and CEO, commented, \"We are excited to add the Lapoile Lithium Project to our growing battery metals portfolio. This is now our second lithium property acquisition option, to go along with the acquired Lithium King property. We look forward to continuing to add prospective projects as we create shareholder value by participating in the battery revolution.\"Key Points of the AgreementPursuant to the Agreement, the Company may acquire up to a 100% interest in the Property by meeting certain milestones, making certain cash payments to the Optionors, and issuing such number of common shares in the capital of GBML (\"Common Shares\") to the Optionors, all as summarized in the below table: Milestone(s)/Date(s)Cash PaymentDue($)Value of Shares to be Issued($)Interest Acquired by GBML inthe Property(%)Cash payment due within five business days of execution of the Agreement31,000----Share issuance due within five business days of receipt of TSX Venture Exchange approval (no later than first anniversary of Agreement--25,000--Cash payment due no later than first anniversary of Agreement20,000----Cash payment and share issuance due no later than second anniversary of Agreement30,00087,500--Cash pay...