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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.45 points to 817.79 Tuesday. Marc Cernovitch and David Sidoo's capital pool shell, North South Petroleum Corp., has changed its name to Advantage Lithium Corp. (AAL: $0.60) and submitted a filing statement for its qualifying transaction. The shell is acquiring interests in five Nevada lithium brine projects from Warren Stanyer's Nevada Sunrise Gold Corp. (NEV: $0.34). Advantage Lithium, which has 24,102,990 shares issued, will issue 2,071,447 shares and pay $600,000 to Nevada Sunrise. To earn working interests of 50 to 70 per cent in the projects, the resulting issuer must spend $1.5-million to $3-million on exploration.

Under its QT, the shell is also acquiring water rights from Nevada Sunrise for $200,000 (U.S.) in cash or shares. To exercise the rights, Advantage Lithium must issue 3.4 million shares to Nevada Sunrise over the next five years. It must also take care of $1.17-million (U.S.) worth of underlying payments. According to Nevada Sunrise, the water rights are well and truly important, and difficult to secure. Advantage Lithium might learn that they could also be difficult to keep. Nevada Sunrise has applied to move the water permit area to its Aquarius property (one of the five properties that the shell is acquiring) from the Silver Peak mountain range. In April, 2016, one of its neighbours, the New York Stock Exchange-listed Albemarle Corp. (ALB: $84.17 (U.S.)), owner of the Silver Peak lithium mine, filed a protest with the Nevada Division of Water Resources against the move. Then in June, Esmeralda County also filed a similar protest. Now, Nevada Sunrise is seeking a hearing with the NDWR to respond to the two protests, but it also has another issue to deal with. Albemarle has filed a separate petition to the NDWR to forfeit the water rights, because Nevada Sunrise has not used them in five years. Nevada Sunrise promises to fight to keep its permit valid.

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