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MONUMENTAL ENERGY CLOSES OPTION ACQUISITION AGREEMENT FOR THE TRANSFER OF THE SALAR DE TURI PROJECT
MONUMENTAL ENERGY CLOSES OPTION ACQUISITION AGREEMENT FOR THE TRANSFER OF THE SALAR DE TURI PROJE...
About this update from Monumental Energy Corp.
[{"type":"text","content":"\n \n \n \n MONUMENTAL ENERGY CLOSES OPTION ACQUISITION AGREEMENT FOR THE TRANSFER OF THE SALAR DE TURI PROJECT\n \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 Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 1, 2024\n \n \n /CNW/ - Monumental Energy Corp. (\"\n \n Monumental\n \n \" or the \"\n \n Company\n \n \") (TSXV: MNRG) (FSE: ZA6) (OTCQB: MNMRF) is pleased to announce the closing of its previously announced transaction (see news release dated\n \n April 11, 2024\n \n ) pursuant to an arm's length option acquisition agreement (the \"\n \n Acquisition Agreement\n \n \") with Summit Nanotech Corporation (\"\n \n Summit\n \n \") dated\n \n April 11, 2024\n \n , whereby the Company has transferred and assigned its rights and obligations under the Turi Option Agreement (as defined below) to Summit (the \"\n \n Acquisition\n \n \"). The Company had previously entered into an option agreement with Lithium Chile Inc. (\"\n \n Lithium\n \n Chile\n \n \n \") and its wholly-owned Chilean subsidiary Compania Minera Kairos Limitada dated\n \n October 5, 2022\n \n , as amended\n \n August 24, 2023\n \n (the \"\n \n Turi Option Agreement\n \n \"), whereby Monumental was granted an option to acquire a 50.01% interest in the Salar de Turi project (the \"\n \n Turi Project\n \n \") from Lithium Chile. The Turi Project is located 120 km northwest of the Salar de Laguna Blanca and 60 km northeast of the city of Calama,\n \n Chile\n \n .\n \n \n \n \n \n \n \n \n \n Pursuant to the Acquisition Agreement, in consideration for the assignment and assumption of the Turi Option Agreement, Summit must, within five (5) business days of the closing of the Acquisition, pay to Monumental\n \n $725,000\n \n in cash and granted to Monumental a two percent (2.0%) net smelter return royalty on Summit's share of any future lithium production from the Turi Project (subject to the exercise of the option by Summit to acquire a 50.01% interest in the Turi Project pursuant to the Turi Option Agreement), in accordance with the terms set out in a royalty agreement be...