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Lion Copper and Gold Corp. Announces Termination of Water Rights Sale, Debt Settlement, Grant of Stock Options, and Financing
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2022) - Lion Copper and Gold Corp. (T...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"Lion Copper and Gold Corp. Announces Termination of Water Rights Sale, Debt Settlement, Grant of Stock Options, and FinancingVancouver, British Columbia--(Newsfile Corp. - May 26, 2022) - Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) (\"Lion CG\" or the \"Company\") is pleased to announce that it has reached an amicable agreement with Desert Pearl Farms to terminate the contract on the sale of the Company's water rights (as previously announced in a news release dated February 21, 2021). In light of the Company's agreement with Rio Tinto, the return of these water rights to the Company are expected to play a critical role in the reclamation and development of the MacArthur and Yerington projects. As a consequence of the termination, the Company will recover the water permit designated for mining and milling use and will return the US$1,000,000 deposit to Desert Pearl Farms. This water permit is currently subject to court proceedings and settlement discussions between the Company and the State of Nevada. Travis Naugle, CEO of Lion CG, states, \"We appreciate Desert Pearl Farms' support in allowing us to put these water rights back to their original intended use for mining and milling, as we pursue development of the MacArthur and Yerington projects with Rio Tinto. We recognize our role as a steward of natural resources in the Mason Valley and are working closely with Rio Tinto on leading sustainability approaches on water use and consumption.\" FinancingThe Company also announces a financing of up to US$2,000,000 in convertible debentures with final terms to be determined in the context of the market. Debt Settlement The Company announces that it has agreed to settle US$61,366 of debt with a creditor by issuing 915,910 common shares of the Company at a deemed price of US$0.067 (C$0.085) per share. The amount of indebtedness represents outstanding amounts owing for services provided to the Company. The issuance of the common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period. Option Grant In addition, the Company announces that it has granted incentive stock options pursuant to its stock option plan to various directors, officers, employees and consultants of the Company, to purchase up to an aggregate of 9,000,000 common shar...