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Surge Battery Metals Amends Property Option Agreement on 16 Lithium Mining Claims in the Nevada San Emidio Desert
(TheNewswire) March 25, 2022 – TheNewswire - Vancouver, BC - ...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"Surge Battery Metals Amends Property Option Agreement on 16 Lithium Mining Claims in the Nevada San Emidio Desert\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n March 25, 2022 –\n \n \n TheNewswire -\n \n \n Vancouver, BC -\n \n \n Surge\nBattery Metals Inc.\n \n \n (the “Company” or\n“Surge”)\n \n \n (TSXV:NILI\n \n \n )\n \n \n ,\n \n \n (\n \n \n OTC:NILIF\n \n \n )\n \n \n ,\n \n \n (\n \n \n FRA:DJ5C)\n \n \n announces\nthat further to its news release dated March 2, 2022,\n \n \n t\n \n \n he Company has amended the Property\nOption Agreement now dated March 23, 2022 with Paul Lechler, John Van\nde Sand, David White and Darren Howe (the “Optionors”) whereby the\nCompany may earn an undivided 80% interest in 16 mineral claims\ncomprised of 640 acres (the “Property”) and located within\nNevada’s San Emidio Desert (the “Transaction”).  These lithium\nexploration claims, referred to as the “Galt Claim Group”, adjoin\nthe Company’s existing San Emidio Desert lithium claims.  The\nTransaction is subject to TSX Venture Exchange (“Exchange”)\napproval.\n \n \n \n \n Terms of the Transaction:\n \n \n \n \n The proposed consideration for the undivided 80%\ninterest in the Galt Claim Group is as follows:\n \n \n \n \n \n \n a)\n \n \n US$20,000 to be paid upon\nExchange approval;\n \n \n \n \n \n \n b)\n \n \n 1,000,000 vested restricted\ncommon shares (“Shares”) of Surge to be issued upon Exchange\napproval, which Shares shall vest and be released as follows: 25%\nreleased upon Exchange approval and 25% released each three-month\nperiod thereafter.  The Shares will be issued pro-rata as to 25% to\neach individual Optionor;\n \n \n \n \n \n \n c)\n \n \n 4,000,000 warrants, whereby\neach warrant will entitle the Optionors to purchase one additional\ncommon Share of Surge with an exercise price of CAD$0.30 per share for\na period of five years from Exchange approval and vesting on the same\nschedule as the Shares in b); and\n \n \n \n \n \n \n d)\n \n \n US$10,000 each year on the\nanniversary of Exchange approval of the Transaction for five\nyears.\n \n \n \n \n \n \n All securities issued in connection with the\nTransaction are subject to a four month and a day hold period in\naccordanc...