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Iconic Minerals Enters into Exclusive Licensing Agreement for Nevada Lithium Operations
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") an
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - December 7, 2017) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the \"Company\" or \"Iconic\") announces it has entered into an exclusive definitive licensing agreement (the \"Agreement\") with St-Georges Platinum and Base Metals Ltd. (\"St-Georges\" or \"SX\") to utilize its proprietary lithium extraction, purification and processing technology. The Agreement grants Iconic the exclusive right to a site license for any production facility Iconic and/or its affiliates operate within the state Nevada, to use St-Georges's proprietary and related technology, products, patents and future improvements for the purpose of extracting, processing and selling lithium, which includes any deemed commercially viable minerals that are also present in Iconic's mineral feedstock. Pursuant to the Agreement, St-Georges has agreed to provide engineering and technical services on all licensed production sites. In consideration for the licensing rights, the Company has agreed, subject to receipt of acceptance by the TSX Venture Exchange, to issue St-Georges a total of 5,000,000 common shares in its capital stock in stages over a 36 month period (the \"Compensation Shares\"). St-Georges has agreed that any and all Compensation Shares issued to St-Georges will be held by a third party escrow agent and released to St-Georges at the end of the 36 month period, contingent on St-Georges reaching certain performance benchmarks, which are outlined below: 2,000,000 common shares upon Stage 1 Benchmark completion: which is defined by the delivery of an independent laboratory report currently commissioned by St-Georges, indicating positive viable lithium recoveries; 1,500,000 shares upon Stage 2 Benchmark completion: which is defined by independent report describing results of initial pilot mining operations and the processing of a minimum of one (1) metric ton in a simulated industrial environment; and 1,500,000 shares upon Stage 3 Benchmark completion: which is defined by the reception of a Preliminary Economical Assessment Report (PEA) or at commercialization decision or the third (3rd) year anniversary mark of this Agreement assuming other issuance have been completed. The Company has agreed to pay WHO? a Net Revenue Interest Royalty (NRI) of 5% on all minerals produced and sold on all produ...