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ION Announces Closing of Debt Settlement and Update on Joint Venture on Urgakh Naran Project
Toronto, Ontario--(Newsfile Corp. - July 3, 2025) - Lithium ION Energy Limited (TSXV: ION) (FSE: ...
About this update from Osiris One Metals Ltd.
[{"type":"text","content":"ION Announces Closing of Debt Settlement and Update on Joint Venture on Urgakh Naran ProjectToronto, Ontario--(Newsfile Corp. - July 3, 2025) - Lithium ION Energy Limited (TSXV: ION) (FSE: Z4A) (\"ION\" or the \"Company\") announces that it has closed its previously announced debt settlements with certain non-arm's length creditors (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company has settled an aggregate amount of $120,000 in debt in consideration for which it issued an aggregate of 3,000,000 common shares of the Company at a deemed price of $0.04 per share. All securities issued in relation to the Debt Settlement are subject to a hold period expiring four months and one day after the date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the \"TSXV\"). The Debt Settlement remains subject to the final approval of the TSXV.The Company is pleased to provide an update regarding its strategic partnership for the advancement of the Urgakh Naran (\"UN\") project in Mongolia. The Company entered into a binding Joint Venture Agreement with SureFQ Ltd. effective March 26, 2025, under which ION will retain a 20% free carried interest in the project through commercial production in exchange for USD$5.5 million in cash consideration to ION over 4.5 years and $USD 8M in development expenditures on the UN project over 4 years. As the transaction constitutes more than 50% of the Company's assets the Company will be seeking shareholder approval at its Annual General Meeting to be held August 26, 2025, in accordance with TSX-V policy. Related Party TransactionIn connection with the Debt Settlement, certain insiders of the Company were issued an aggregate of 3,000,000 shares. The acquisition of the shares by insiders in connection with the Debt Settlement is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the \"related party transaction\". The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the Company are listed on specified markets, including the TSX, the N...