Key points of the $ENRT Exclusive Lithium Technology LOI are:
• Enertopia issued 250,000 shares to GWT on signing the LOI.
• Definitive agreement is expected to close on or before September 15, 2016
• Bench test to start and finish before the end of the 4th quarter 2016
• Upon successful independent 3rd party lab testing of the bench test results, Construction of 50 gpm pilot facility in 2017
• Upon successful pilot testing in 2017, start commercial construction with commercial production anticipated for 2018.
• GWT has granted Enertopia a worldwide exclusive right to the usage of GWTs patent pending technology in return for 10 per cent of net sales royalty payments for battery grade Lithium Carbonate Li2CO3 produced.
• In order to maintain its exclusive global right, Enertopia will need to make the following minimal payments to GWT on the anniversary of signing the definitive agreement:
• For 2017, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $50,000;
• For 2018, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $150,000;
• For 2019, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $200,000;
• For 2020 to 2023, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $200,000 per annum.
• Right of first refusal to renew exclusive worldwide rights after 7 years
• For the 2017 payment, Enertopia shall have the option to satisfy this payment through the issuance of treasury units (each, "Unit"
, with each Unit consisting of one common share of Enertopia and one common share purchase warrant of Enertopia (each, "Warrant" , with each Warrant being exercisable for a period of 36 months from issuance at a price 1.5 times above the minimum unit pricing allowed by applicable stock exchange policies at such time and based on the previous 10 day volume weighted average pricing on the Canadian Stock Exchange ("CSE" .
http://www.enertopia.com/investor/
#lithium #technology #mining $ENRT #ENRT
• Enertopia issued 250,000 shares to GWT on signing the LOI.
• Definitive agreement is expected to close on or before September 15, 2016
• Bench test to start and finish before the end of the 4th quarter 2016
• Upon successful independent 3rd party lab testing of the bench test results, Construction of 50 gpm pilot facility in 2017
• Upon successful pilot testing in 2017, start commercial construction with commercial production anticipated for 2018.
• GWT has granted Enertopia a worldwide exclusive right to the usage of GWTs patent pending technology in return for 10 per cent of net sales royalty payments for battery grade Lithium Carbonate Li2CO3 produced.
• In order to maintain its exclusive global right, Enertopia will need to make the following minimal payments to GWT on the anniversary of signing the definitive agreement:
• For 2017, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $50,000;
• For 2018, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $150,000;
• For 2019, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $200,000;
• For 2020 to 2023, the greater of 10 per cent of Enertopia net Lithium Carbonate Li2CO3 sales from brine sources or $200,000 per annum.
• Right of first refusal to renew exclusive worldwide rights after 7 years
• For the 2017 payment, Enertopia shall have the option to satisfy this payment through the issuance of treasury units (each, "Unit"
, with each Unit consisting of one common share of Enertopia and one common share purchase warrant of Enertopia (each, "Warrant" , with each Warrant being exercisable for a period of 36 months from issuance at a price 1.5 times above the minimum unit pricing allowed by applicable stock exchange policies at such time and based on the previous 10 day volume weighted average pricing on the Canadian Stock Exchange ("CSE" . http://www.enertopia.com/investor/
#lithium #technology #mining $ENRT #ENRT
