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Gold Lion Resources Announces Letter of Intent Respecting Battery Recycling Technologies
Vancouver, British Columbia / TheNewswire / June 23, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE:GL) (OTC:GLIOF) (FWB:2BC) announces tha
About this update from Panther Minerals Inc.
[{"type":"text","content":"Vancouver, British Columbia / TheNewswire / June 23, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE:GL) (OTC:GLIOF) (FWB:2BC) announces that it has signed a binding letter of intent dated June 22, 2022 (the “LOI”) with Sustainable Li-Ion Research Inc. (“SLIR”) in respect of a proposed transaction (the “Proposed Transaction”), whereby the Company would acquire all of the issued and outstanding securities of SLIR by way of a share exchange agreement. SLIR’s principal asset and undertaking is its interest, through a wholly-owned subsidiary, in a license agreement and a sponsored research agreement in the field of the recycling of lithium-ion batteries. The Proposed Transaction is intended to further the Company’s objective of complementing its ongoing exploration activities, which objective was previously announced by the Company on June 13, 2022. Commented, Guy Bourgeois CEO of Gold Lion, “The need for li-ion battery recycling is growing at a compelling pace and Gold Lion’s Special Committee is thoroughly evaluating the technology and cost-effective process to recover strategic battery materials like copper, cobalt, lithium, nickel, manganese and zinc. We believe that the strategic acquisition of Sustainable Li-Ion Research Inc. will allow us to leverage a unique technology licensing opportunity from a leading Singapore University, which will create higher value for shareholders.” The Proposed Transaction Pursuant to the Proposed Transaction, the Company will issue common share in its capital (the “Consideration Shares”) to the holders of common shares in the capital of SLIR at a deemed price per Consideration Share that is the greater of (i) $0.05, and (ii) the minimum price 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 valuation of SLIR, expected to be in the range of $300,000 to $500,000. The Proposed Transaction will be completed pursuant to available prospectus exemptions in accordance with applicable securities legislation. The Company and SLIR have agreed to negotiate in good faith the terms of a definitive agreement with respect to the Proposed Transaction within 30 days from the LOI. The Company also agreed to pay a refundable deposit of up...