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Prosper One enters MOU to spend $3M to earn 55% of Lithium Chile's Pintadas Norte project
Prosper One enters MOU to spend $3M to earn 55% of Lithium Chile's Pintadas Norte project ...
About this update from Lithium Chile Inc
[{"type":"text","content":"\n\n\n\nProsper One enters MOU to spend $3M to earn 55% of Lithium Chile's Pintadas Norte project\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\nCanada NewsWire\nCALGARY, June 13, 2018\n\n\n\nTSX Venture Exchange: \"LITH\" OTC-QB: LTMCF\n\n\n\nCALGARY, June 13, 2018 /CNW/ - Lithium Chile Inc. (\"Lithium Chile\" or the \"Company\") is pleased to announce that it has entered into a memorandum of understanding (\"MOU\") with Prosper One International Holdings Company Limited (\"Prosper One\"), a Hong Kong Stock Exchange listed company.\n\n\n \n \n\n \nMOU Highlights\n\n\nProsper One and Lithium Chile will enter into a joint venture agreement (\"Joint Venture Agreement\") whereby Prosper One may earn a 55% interest in Lithium Chile's Pintadas Norte project in Chile by incurring $3,000,000 of staged exploration expenditures on or before December 31, 2021; and\nProsper One to make a $1,000,000 equity investment in Lithium Chile at a minimum price of $1.00 per share; and\nLithium Chile will operate the exploration programs for the Pintadas Norte project and as operator, Lithium Chile will receive a management fee from Prosper One equal to 17.5% of the funds expended on the Pintadas Norte exploration programs; and\nA $250,000 break fee will be payable by Prosper One to Lithium Chile should a definitive agreement not be signed.\n\nSteve Cochrane, President and CEO of Lithium Chile, commented, \"We are pleased to have reached this agreement with Prosper One which accelerates our ability to unlock the potential of our dominant land package in Chile.  Essentially, we are combining our technical expertise and Chilean experience with Prosper One's financial acumen and support to explore our highly prospective Pintadas Norte project in the coastal region of Chile. We look forward to a mutually rewarding working relationship.\"\n\nThe MOU contemplates that Prosper One will make an equity investment of CDN$1,000,000 (equivalent to approximately HK$6,000,000) into Lithium Chile which is to be completed within 60 days from the signing of the formal Joint Venture Agreement.  Th...