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Lithium Ionic Completes Acquisition of the Galvani Lithium Licenses in Brazil
TORONTO, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) (“Lithium Ionic” or the “Company”) is pleased to announce that further
About this update from Lithium Ionic Corp
[{"type":"text","content":" TORONTO, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) (“Lithium Ionic” or the “Company”) is pleased to announce that further to its June 14, 2022 press release, the Company has completed the acquisition of two strategic lithium mining licenses (the “Licenses” or the “Properties”) in Minas Gerais, Brazil (the “Transaction”). The two large Licences are located approximately 2 km to the west of the large Xuxa lithium deposit of Sigma Lithium and approximately 3 km to the northwest of the CBL lithium mining operation. Previously Released Highlights from Lithium Ionic Drilling at Galvani Licenses: Drill intercept of 1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m Drill intercept of 1.27% Li2O over 10.77m, incl. 1.72% Li2O over 2m and 1.70% Li2O over 3.53m Drill intercept of 1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m Drill intercept of 1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m Blake Hylands, Chief Executive Officer of Lithium Ionic, commented, “The Galvani Property, specifically the Outro Lado showing, have shown the kinds of grades and widths we feel could potentially lead Lithium Ionic to a significant resource. The Galvani Property is an excellent addition to our land holdings in this prolific lithium belt.” Pursuant to the terms of the asset purchase agreement dated June 13, 2022, as amended, between the Company, MGLIT Empreendimentos Ltda., the Company’s wholly-owned subsidiary, and Galvani Nordeste Mineracao Ltda. (“Galvani”) the Company has paid an aggregate cash amount of USD$3,310,000 to Galvani to close the Transaction. If during the 18 months follow the closing of the Transaction, the Company, through an independent qualified person defines an inferred mineral resource estimate of a minimum of 5Mt with a Li2O content above 1.3%, the Company shall, at Galvani’s discretion, (i) issue such number of Lithium Ionic shares equal to USD$2 million calculated using the 7 day VWAP of the Lithium Ionic shares on the TSX Venture Exchange ending on the effective date of the technical report evidencing such mineral resource estimate, subject to a minimum price per Lithium Ionic share of $0.904 and a maximum total issuance of 2,844,912 Lithium Ionic shares, or (ii) pay USD$2 million in cash to Galvani on the effective date of the technical report evidencing such mineral resource...