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Gold Tree Resources Announces Letter of Intent
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2022) - Gold Tree Resources Ltd. (CSE: GTX) ("Gold Tree" or the "Company") announces that it has signed
About this update from Live Energy Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 24, 2022) - Gold Tree Resources Ltd. (CSE: GTX) (\"Gold Tree\" or the \"Company\") announces that it has signed a binding letter of intent dated June 23, 2022 (the \"LOI\") with 1314836 BC Ltd. (\"BCCo\") in respect of a proposed transaction (the \"Proposed Transaction\"), whereby the Company would acquire all of the issued and outstanding securities of BCCo by way of a share exchange agreement. BCCo's principal asset and undertaking is its wholly owned subsidiary Lithium Valley Holdings Corp., which owns the McDermitt Lithium Property located in Nevada, USA (the \"Property\"). The Property is comprised of 315 lode claims located in Humboldt County, Nevada, USA. The project is underlain by intera-caldera tuffaceous sediments of the McDermitt Caldera commonly referred to as \"moat sediments\" which are known to host elevated lithium values. The equivalent sedimentary unit is host to the McDermitt Deposit owned by Jindalee Resources Limited, and the Thacker Pass deposit owned by Lithium Americas Corp. The Company sees the potential for the Property to host large-scale, long-life sources of lithium, occurring near-surface and falling within the lower end of the global cost curve. Additionally, the project is located in a mining friendly jurisdiction with significant domestic lithium demand currently satisfied by imported material. The Company also recognizes the opportunity to rapidly advance the project through the exploration stage to create significant value for the Company. The Proposed Transaction Pursuant to the Proposed Transaction, the Company will issue common shares in its capital (the \"Consideration Shares\") to the holders of common shares in the capital of BCCo at a deemed price per Consideration Share issued with the maximum discount to market that is allowed pursuant to the policies of the Canadian Securities Exchange (the \"CSE\"), representing aggregate consideration to be determined and mutually agreed upon by the parties with reference to a pending assessment report of BCCo. The Proposed Transaction will be completed pursuant to available prospectus exemptions in accordance with applicable securities legislation. The Company and BCCo have agreed to negotiate in good faith the terms of a definitive agreement with respect to the Proposed Transaction wi...