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Clear Sky Adds Strategic, Key Asset to Nevada Project Site, The Canadian Business Journal

VANCOUVER, British Columbia, August 5, 2022 (GLOBE NEWSWIRE) — Clear Sky Lithium Co., Ltd. (CSE: POWR) (FRA: K4A / WKN: A3DM2W) (“fine weather” or “Company”), a mineral exploration and development company focused on American lithium deposits to support domestic demand, announced that it has entered into a real estate option agreement (“Option contract), dated August 5, 2022, Halo Lithium LLC (“vendor”), which gave them the right to acquire the Halo Project. The Halo Project consists of 98 mineral claims in Esmeralda and Nye counties, Nevada, believed to have lithium mineralization potential in claystone hosts.

CEO Patrick Morris said: The Halo project is directly adjacent to two of his companies doing lithium enrichment in the area. American Lithium’s TLC Project (MRE: 7.1Mt LCE)Me) to the north, the American Battery Metals Tonopah Flats project to the southwest. Halo is likely supported by the same strata that host the TLC deposits. We feel that this landmark opportunity will allow us to achieve our goal of becoming a major player in the region and ultimately contributing to the lithium supply chain. “

Pursuant to the terms of the Option Agreement, in consideration for completing a series of cash payments and stock issuance, we may acquire all rights to the Halo Project from the Vendor (“Consideration stock”) according to the following schedule:

deadline cash payment Issuance of shares in consideration
down payment US$250,000 1,865,269
Option contract 1st anniversary $200,000 1.25 million
Option contract 2nd anniversary $200,000 500,000

All Consideration Shares issued to Vendors are subject to a voluntary escrow agreement for a period of 12 months, during which the Consideration Shares may not be traded without our prior approval. The consideration shares will be released from the escrow agreement in three tranches, of which 25% will be released after his six months, a further 37.5% will be released after his nine months, and the remainder will be released after his twelve months.

In addition to the above payments and stock issuance, we agree to reimburse Vendors for costs incurred in maintaining Halo Project in good condition, up to a maximum of $100,000 USD, and to be responsible for ongoing maintenance costs. Did. land management. Following the exercise of the option and the acquisition of the Halo project, the Company will pay the vendor a 1% net smelter earnings royalty (“royalty”) about commercial projects from projects. Half of the royalty can be redeemed at any time from the vendor with a one-time cash payment of $1,000,000.

Companies and vendors go hand in hand. The transaction contemplated by the Option Agreement does not constitute a fundamental change or change in the Company’s business and results in a change in control of the Company within the meaning of applicable securities laws and Canadian Stock Exchange policy. Nor is it expected. (“CSE”).

The Company has issued a series of shares (“finder share(ii) 75,000 shares of Finder plus a number of Finder shares equal to the United States one year after the date of the option contract; $12,000 at a deemed price equal to the 10-day volume-weighted average trading price of the stock in the CSE immediatelyVWAP), and (iii) two years after the date of the Option Agreement, 30,000 Finder’s Shares plus the number of Finder’s Shares equivalent to US$12,000 at a deemed price per share equal to the 10-day VWAP. Finder shares as set forth in (ii) and (iii) are subject to the Company making corresponding payments under the option agreement and all Finder shares are subject to the same 12-month voluntary term as the consideration shares. subject to strict escrow terms.

Clear Sky Lithium advises the public that, as part of its disclosure obligations as a public issuer, all materials and regulatory filings are available at www.sedar.com. He also invites the public to visit his website (www.clearskylithium.com) and sign up for “News Alerts” to receive future news releases and related company information. Also, check out the videos available on our website.

On behalf of the Board of Directors,
Sincerely,

~Patrick Morris~

Patrick Morris
Chief executive officer
Clear Sky Lithium Co., Ltd.
www.clearskylithium.com

Note
American Lithium uses a Li cutoff grade of 400 ppm for TLC projects.

About Clear Sky Lithium Corp.(CSE: POWR) (FRA: K4A / WKN: A3DM2W)
Clear Sky Lithium is an exploration and development company dedicated to developing North American lithium deposits to support domestic demand. The Company owns Halo and Eli assets in Nevada. The company is also focused on developing claystone extraction and processing technologies aimed at achieving scalable efficiencies across the value chain in a sustainable manner. For more information, please visit www.clearskylithium.com to watch the video.

Forward-Looking Information Disclaimer

To the extent that this news release is not historical fact, this news release contains statements and information that may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may include financial and other projections and statements regarding future plans, objectives or economic performance or the assumptions underlying any of the foregoing. In some cases, forward-looking statements are “may,” “will,” “could,” “will,” “likely,” “exclude,” and “expect.” can be identified by terms such as , “believe” and “intend”. , “plans”, “forecasts”, “plans”, “estimates”, “outlooks” or other similar expressions relating to the negative of these or matters that are not historical facts. Examples of such statements include, but are not limited to, statements regarding the Company’s and the Vendor’s performance of their respective obligations under the Option Agreement, and the payment of Consideration Shares and Discoverer Shares.

Forward-looking information is based on assumptions made in light of management’s experience, trends, perceptions of current conditions, expected developments and other factors that management believes to be relevant and reasonable. , based on estimates, analyzes and opinions. As of the date such statements are made, they may prove to be inaccurate. Factors and assumptions include, but are not limited to, key personnel and qualified employees who continue to engage with us. our ability to secure additional funding on reasonable terms; competitive conditions in the sectors in which we operate; Laws and Amendments Applicable to Us.

Forward-looking information involves known and unknown risks, uncertainties and the Company’s actual results, performance or performance may differ materially from future results, performance or performance expressed or implied by forward-looking information. It includes other factors that may cause different. risks associated with our future business plans; The risk that we may not be able to secure key personnel; Our inability to secure financing on reasonable terms, as well as all other risks described under the heading “Risk Factors” in our definitive long-term prospectus dated May 31, 2022 The risk, or the risk of not being able to secure funding at all. Accordingly, readers should not place undue reliance on such forward-looking information. In addition, forward-looking information speaks only as of the date such statements are made. New factors emerge from time to time and it is not possible for our management to predict all such factors and the extent to which each such factor, or factor or combination of factors, will affect our business. It is impossible to assess in advance who will be affected. Actual results may differ materially from those contained in the forward-looking information. We do not use forward-looking information to reflect information or events after the date they were made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws. shall not be obliged to update to

CSE neither endorses nor disapproves of the contents of this press release. Neither CSE nor its market regulators (as those terms are defined in CSE’s policy) assume responsibility for the adequacy or accuracy of this release.

contact address

Clear Sky Lithium Co., Ltd.
PR for investors
Email: [email protected]
Phone: +1 (778) 383-7240


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Clear Sky Adds Strategic, Key Asset to Nevada Project Site, The Canadian Business Journal

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