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Nevada Lithium Completes Acquisition of 100% Ownership of Bonnie Claire Lithium Project, Nevada USA with Robust PEA Economics of USD $1.5 Billion NPV (After Tax) and Receives Proceeds from $11.3M Concurrent Financings
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2023) - Nevada Lithium Resources Inc. (CS...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Nevada Lithium Completes Acquisition of 100% Ownership of Bonnie Claire Lithium Project, Nevada USA with Robust PEA Economics of USD $1.5 Billion NPV (After Tax) and Receives Proceeds from $11.3M Concurrent FinancingsVancouver, British Columbia--(Newsfile Corp. - July 10, 2023) - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) (\"Nevada Lithium\") and Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (\"Iconic\") are pleased to announce that they have completed the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the \"BCBCA\"), whereby Nevada Lithium acquired Iconic's 50% interest in the Bonnie Claire lithium project (the \"Bonnie Claire Project\") located in Nye County, Nevada (the \"Arrangement\"). Upon completion of the Arrangement, Nevada Lithium now holds a 100% interest in the Bonnie Claire Project. In connection with the completion of the Arrangement Nevada Lithium will receive the gross proceeds from the Concurrent Offerings (as defined below) totalling $11,320,998, which included participation from several investors. Stephen Rentschler, Chief Executive Officer of Nevada Lithium, stated: \"We are pleased to announce the completion of the previously announced transaction with Iconic resulting in 100% ownership of the Bonnie Claire lithium deposit by Nevada Lithium, and welcome the new shareholders who have been created as a result of this transaction. Nevada Lithium is currently engaged in Pre-Feasibility Study work, as well as strategic dialog with lithium end-users. Consolidation of asset ownership has been one of the key factors in discussions, and we are confident that this transaction will be instrumental in unlocking shareholder value.\"Richard Kern, President/CEO of Ionic and Chief Operating Officer and director of Nevada Lithium, added: \"The Bonnie Claire lithium deposit has developed into a resource of potential global significance with its size, grade and location in Nevada, USA. Consolidation of 100% ownership within Nevada Lithium will provide a more efficient and effective structure for the continued advancement of the Bonnie Claire Project and allow Iconic shareholders to continue to participate in future value creation as shareholders of Nevada Lithium.\"Mr. Rentschler continued, \"Lithium Carbonate Equivalent (LCE) prices are n...