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Spark Energy Minerals Further Expands Exploration Portfolio in Brazil's "Lithium Valley"
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Spark Energy Minerals Inc., (CSE: EMIN) (OTC Pink: MTEHF) (FSE: J8V) ("Spark" or the "Company" a
About this update from Spark Energy Minerals Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Spark Energy Minerals Inc., (CSE: EMIN) (OTC Pink: MTEHF) (FSE: J8V) (\"Spark\" or the \"Company\" announces it has entered into a purchase agreement (the \"Purchase Agreement\") with Tristar Energy Corp. (\"Tristar\") pursuant to which it would acquire Tristar's option (the \"Option\") to acquire the Minas Gerais mining permits (the \"Property\"), located in the state of Minas Gerais, Brazil, in the area known as Brazil's Lithium Valley (the \"Acquisition\"). Under the terms of the Purchase Agreement, the Company will purchase an option to acquire 100% of the Property by issuing 15,000,000 common shares units to Tristar at a deemed price of $0.15 per unit, each unit consisting of one common share and one common share purchase warrant entitling the holder to acquire one further common share for 2 years at a price of $0.15. The terms of the Option require Spark to make one $400,000 payment on or before May 26, 2024 (the \"Acquisition Payment\"). The Property comprises 23 mineral claims totaling 39,596.63 hectares of surface area. It is strategically located approximately 11 kilometers east from both Sigma Lithium Corporation's (\"Sigma\") Groto do Cirilo Project, and Lithium Iconic Inc.'s Itinga Project, and 13 kilometers east of Atlas Lithium Corp.'s (\"Atlas Lithium\") Neves Project, in the State of Minas Gerais, Brazil. Sigma's properties are located in the municipalities of Araçuaí and Itinga, in Brazil's mining-friendly Minas Gerais State, approximately 450 kilometres northeast of the state capital of Belo Horizonte. Sigma holds 27 mineral rights in four properties spread over 19,100 hectares, which include nine past-producing lithium mines. Atlas Lithium controls approximately 24,233 hectares of mineral rights in Lithium Valley. Closing of the proposed Acquisition is subject to the policies of the Canadian Securities Exchange (the \"CSE\") and receipt of all other necessary regulatory approvals, as well as the satisfaction of the customary closing conditions set forth in the Purchase Agreement. Brazil Area Map There can be no assurance that the Acquisition will be completed as proposed, or, at all. The securities comprising the units will be subject to a hold period of four months and one day from the date of issuance. No new control person, as defined under t...