07:54:20 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Millennial Lithium Corp
Symbol ML
Shares Issued 28,055,335
Close 2016-09-22 C$ 1.96
Market Cap C$ 54,988,457
Recent Sedar Documents

Millennial Lithium property agreement

2016-09-22 19:49 ET - Property Agreement

The TSX Venture Exchange has accepted for filing a definitive purchase agreement dated Sept. 16, 2016, between Proyecto Pastos Grandes S.A, a 100-per-cent wholly owned Argentine subsidiary of Millennial Lithium Corp., and Jorge Enrique Moreno and Alba Silvia Salas, whereby the company will acquire a 100-per-cent interest in four mineral property concessions, located at El Salar de Pastos Grandes, departamento de los Andes, province of Salta, Argentine republic.

Consideration under the agreement includes the following:

  • Cash payments to the vendors of $2.2-million (U.S.):
    • $200,000 (U.S.) on signing;
    • $500,000 (U.S.) on execution of definitive agreement;
    • $500,000 (U.S.) on six-month anniversary;
    • $1-million (U.S.) on 12-month anniversary.
  • Share issuance to the vendors of $1-million (U.S.) of common shares:
    • 500,000 shares on execution of definitive agreement;
    • A minimum of 500,000 in shares on six-month anniversary.
  • Exploration expenditures of $1.6-million, on the properties, within the first year.

The four mineral property concessions are subject to a 1.5-per-cent net smelter return royalty, which the company has the option to purchase for $3-million (U.S.).

A finder's fee of 5 per cent of the cash and shares to be paid to the vendors will be payable to Synergy Resource Capital Pty. Ltd. Payments or share issuances to the finder do not come due and payable until such time as they have been made to the vendor.

The transaction closed on Friday, Sept. 16, 2016.

Further information on the transaction is available on the company's SEDAR profile in news releases dated July 19, 2016, Aug. 15, 2016, Aug. 24, 2016, and Sept. 16, 2016.

Jorge Enrique Moreno and Alba Silvia Salas, $2.2-million (U.S.), one million shares and $1.6-million (U.S.) in work expenditures; Synergy Resource Capital Pty. Ltd., $105,000 (U.S.) and 50,000 shares

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