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New Age Metals Signs Letter of Intent to Option Five Lithium Projects in Southeast Manitoba to Azincourt Energy
(via TheNewswire) Vancouver, Canada / TheNewswire / December 12th, 2017 - New Age Metals I...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Signs Letter of Intent to Option Five Lithium Projects in Southeast Manitoba to Azincourt Energy(via TheNewswire)\n\n \nVancouver, Canada / TheNewswire / December 12th, 2017 - New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to announce that it has signed a non-binding Letter of Intent (\"LOI\") with Azincourt Energy Corp (\"Azincourt\") (TSX-V: AAZ). The LOI allows for Azincourt (NR - Dec 11th, 2017) to acquire up to a 60% interest with the potential to 100%, in Lithium Canada Development (LCD) and/or its equal interest in the individual projects. New Age Metals retains the option of entering into a joint-venture agreement with Azincourt for the remaining 40%.\n\n\n \n\"We are pleased to partner with Azincourt Energy on our Lithium properties. This agreement accomplishes another milestone in 2017 for New Age Metals, which was to find a joint-venture partner for our Lithium Division. When completed, this option joint venture allows management to focus on the continued development of our 100% owned River Valley Project, which is Canada's largest undeveloped primary PGM Deposit\" Harry Barr, Chairman/CEO.\n\n\n \nTerms of the LOI/Agreement\n\n\n \nUnder the terms of the LOI, Azincourt has paid NAM $10,000 and further agrees to pay $200,000 to New Age Metals (NAM) in exchange for a 60% ownership stake of NAMs 100% owned subsidiary Lithium Canada Developments (LCD). This payment of $200,000 will be made by Azincourt in four equal payments over the next 18 months. In addition to this cash payment Azincourt will issue up to 1,000,000 shares to NAM, staged in four equal installments, by the third anniversary of the signing of the definitive agreement. Azincourt has further committed to work expenditures totaling $2.85 million over 3 years, broken down as follows: $500,000 year one, $600,000 year two, $1million year three plus an additional $750,000 to reach the 60% threshold. Upon completion of all stock, property expenditures and cash payments AAZ will also issue a 2% net smelter royalty on all five of the projects to NAM. \n\n\n \nUnder terms of the non-binding LOI the Company must complete its due diligence and enter into a definitive agreement no later than January 15, 2018. \n\n\n \nTo earn 100%, Azincourt must meet additional requirements. Within 90 days of Azincourt earning its 60% in LCD or t...