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Hombre Muerto North Project Acquisition Agreement Amended and in Good Standing
Hombre Muerto North Project Acquisition Agreement Amended and in Good Standing Can...
About this update from Lithium South Development Corporation
[{"type":"text","content":"\n\n\n\nHombre Muerto North Project Acquisition Agreement Amended and in Good Standing\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\nVANCOUVER, British Columbia, April 2, 2019\n\n\n\n\n VANCOUVER, British Columbia, April 2, 2019 /CNW/ -- NRG Metals Inc. (\"NRG\" or the \"Company\") (TSX-V: NGZ) (OTCQB: NRGMV) (Frankfurt: OGPN) announces that it has completed a new agreement with the owner of the Hombre Muerto North Lithium Project (HMN Project) in Argentina. The revised Option to Purchase Agreement is as follows:\nPayment of $ US 500,000 (paid) and the issuance of 1,000,000 common shares (in process) Payment of $ US 500,000 on or before June 24, 2019 On or before March 22, 2020, Payment of $ US 1,000,000 and the issuance of 2,250,000 common shares On or before March 22, 2021, payment of $ US 1,000,000 and the issuance of 2,250,000 common shares On or before March 22, 2022, payment of $ US 2,000,000 and the issuance of 2,250,000 common sharesIn addition, the vendor's company One Borax S.A. will be positioned as \"preferred vendor\" for the provision of earthwork and construction services to NRG Metals Inc., subject to a competitive bid process. One Borax has considerable experience in the exploration and development of brine salars, having completed contracts for Millennial Lithium, Eramine and other companies in the area. The experience includes earthworks, platform construction and the installation of pilot plants for the recovery of lithium. One Borax has also completed its own facility which produces borates for the Indonesian and United States markets. All other terms of the original agreement remain the same.\nCompany President Adrian F.C. Hobkirk is quoted, \"We are very pleased to have come to a compromise arrangement with the property vendor for the HMN Project. While NRG has been completing a transitionary phase, competition for the project had become significant with various parties familiar with the property desiring to replace the Company in this arrangement. We are looking forward to working closely with the vendor in...