NetworkNewsBreaks – Lithium Chile Inc. (TSX.V: L
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Posted On: 06/13/2018 6:41:27 PM
NetworkNewsBreaks – Lithium Chile Inc. (TSX.V: LITH) (OTC: LTMCF) Enters MOU with Prosper One International Holdings Co. Ltd.
Lithium Chile (TSX.V: LITH) (OTC: LTMCF) this morning announced that it has entered into a memorandum of understanding (“MOU”) with Prosper One International Holdings Company Limited, a Hong Kong Stock Exchange listed company. Among other highlights of the MOU, the two companies will enter into a Joint Venture (“JV”) agreement in which Prosper One may earn a 55% interest in Lithium Chile’s Pintadas Norte project in Chile by incurring $3,000,000 of staged exploration costs on or before December 31, 2021. Prosper One is also required to make a $1,000,000 equity investment in Lithium Chile at a minimum price of $1.00 per share. As the operator of the exploration programs for the Pintadas Norte project, Lithium Chile will receive a management fee from Prosper One equal to 17.5% of the expenses of the exploration programs. If a definitive agreement is not signed, a $250,000 break fee will be payable to Lithium Chile by Prosper One. “We are pleased to have reached this agreement with Prosper One which accelerates our ability to unlock the potential of our dominant land package in Chile. Essentially, we are combining our technical expertise and Chilean experience with Prosper One’s financial acumen and support to explore our highly prospective Pintadas Norte project in the coastal region of Chile. We look forward to a mutually rewarding working relationship,” Lithium Chile president and CEO Steve Cochrane stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Lithium Chile (TSX.V: LITH) (OTC: LTMCF) this morning announced that it has entered into a memorandum of understanding (“MOU”) with Prosper One International Holdings Company Limited, a Hong Kong Stock Exchange listed company. Among other highlights of the MOU, the two companies will enter into a Joint Venture (“JV”) agreement in which Prosper One may earn a 55% interest in Lithium Chile’s Pintadas Norte project in Chile by incurring $3,000,000 of staged exploration costs on or before December 31, 2021. Prosper One is also required to make a $1,000,000 equity investment in Lithium Chile at a minimum price of $1.00 per share. As the operator of the exploration programs for the Pintadas Norte project, Lithium Chile will receive a management fee from Prosper One equal to 17.5% of the expenses of the exploration programs. If a definitive agreement is not signed, a $250,000 break fee will be payable to Lithium Chile by Prosper One. “We are pleased to have reached this agreement with Prosper One which accelerates our ability to unlock the potential of our dominant land package in Chile. Essentially, we are combining our technical expertise and Chilean experience with Prosper One’s financial acumen and support to explore our highly prospective Pintadas Norte project in the coastal region of Chile. We look forward to a mutually rewarding working relationship,” Lithium Chile president and CEO Steve Cochrane stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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