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Grant of Option - Lithium Claim Block
Grant of Option - Lithium Claim Block.
About this update from Landore Resources Limited
[{"type":"text","content":"\n \n \n \n This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014\n \n \n \n \n \n \n \n \n \n LANDORE RESOURCES LIMITED\n \n \n \n \n (AIM Ticker: LND.L)\n \n \n \n \n \n \n \n \n \n \n GRANT OF OPTION-LITHIUM CLAIM BLOCK\n \n \n \n \n JUNIOR LAKE PROPERTY\n \n \n \n \n \n \n \n \n Landore Resources Limited (\"Landore Resources\" or \"the Company\") is pleased to confirm that the Company's 100% owned subsidiary Landore Resources Canada Inc. has entered into an option agreement with Green Technology Metals Limited (\"GT1\") which provides GT1 with the right to purchase an 80 per cent. interest (the \"Option\") in certain tenements which contain Lithium prospects, located within the Junior Lake Project, (the \"Lithium Claim Blocks\").\n \n \n Under the terms of the Option, GT1 has the right to purchase an 80 per cent. interest in the Lithium Claim Blocks, which comprise 591 staked mineral claims for 10,856 hectares, in return for staged payments over three years to Landore (\"Staged Payments\") totalling C$2,500,000 in cash and an additional C$1,500,000 either in cash or by issuing Landore with new common shares in GT1 as set out below:\n \n \n ·\n Initial cash payment of C$500,000 (within 5 business days of execution of the option agreement (the \"Effective Date\"));\n \n \n ·\n Cash payment of C$500,000 on or before the date which is 12 months after the Effective Date;\n \n \n ·\n Cash payment of C$500,000, plus a further C$500,000 payable either in cash or through the issue of new shares in GT1 to Landore (at GT1's election) on or before the date which is 24 months after the Effective Date\n \n \n ·\n Cash payment of C$1,000,000, plus a further C$1,000,000 payable either in cash or through the issue of new shares in GT1 to Landore (at GT1's election) on or before the date which is 36 months after the Effective Date\n \n \n The consideration received by the Company pursuant to the Option agreement will be applied towards Landore's working capital requirements. In the event Landore receives new shares in GT1 as consideration, it is the Company's intention that these will be disposed of in an orderly manner in due course.\n \n \n \n \n \n Commenting on this report, Chief Executive Officer of Landore Resources, Bill Humphries, said:\n \n ...