Business
Grounded Lithium Announces Strategic Land Acquisition in Core Area
Grounded Lithium Announces Strategic Land Acquisition in Core Area Canada NewsWire ...
About this update from Grounded Lithium Corp
[{"type":"text","content":"\n \n \n \n Grounded Lithium Announces Strategic Land Acquisition in Core Area\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 1, 2023\n \n \n /CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp. (\"\n \n GLC\n \n \" or the \"\n \n Company\"\n \n ) is pleased to announce the entering into a purchase and sale agreement with Hub City Lithium Corp., owned 75% by EMP Metals Corp. (\"\n \n EMP\n \n \")(CSE: EMPS) (OTCQB: EMPPF) with the remaining 25% owned by ROK Resources Inc. (\"\n \n ROK\n \n \") (TSXV: ROK), to acquire an additional 33 sections (8,498 hectares) of highly prospective lands in our core\n \n Kindersley\n \n area (the \"\n \n Assets\n \n \").  The acquisition will bring GLC's total corporate landholdings, both Crown and freehold, to 333 sections (86,229 hectares), with approximately 300 sections (77,477 hectares) alone in the Kindersley Lithium Project (\"\n \n KLP\n \n \"). GLC expects to close the acquisition on or around\n \n March 15, 2023\n \n (the \"\n \n Closing\n \n \"), subject to the satisfaction of certain conditions precedent.\n \n \n \n Transaction Terms & Highlights\n \n \n \n \n Total consideration -\n \n $425,000\n \n comprised of cash consideration of\n \n $175,000\n \n and the issuance of\n \n $250,000\n \n of GLC common shares (\"\n \n Shares\n \n \") based on the 10-day volume weighted average trading price of the Shares at Closing.  For illustrative purposes, if the issuance price was based on the 10-day volume weighted average trading price of the Shares as of the date hereof, the number of Shares issued as consideration would equal 945,500 common shares or 1.4% of the Company's current outstanding Common Shares;\n \n \n \n \n The Shares issued will be subject to a contractual escrow to be released in equal 1/3\n \n rd\n \n tranches on the 4, 8 and 12 month anniversaries from Closing;\n \n \n \n \n The price of the Assets equals\n \n $50\n \n per hectare, which is substantially lower than recent land sale processes in the ne...