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Liberty One Lithium Corp
Symbol LBY
Shares Issued 77,742,909
Close 2020-06-24 C$ 0.07
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Liberty One signs option deal for Jackfish

2020-06-26 12:51 ET - News Release

Mr. Brad Nichol reports

LIBERTY ONE LITHIUM ENTERS INTO OPTION AGREEMENT FOR JACKFISH LAKE PROPERTY

Liberty One Lithium Corp. has entered into an option agreement with Wahl's Prospecting to earn a 100-per-cent interest in certain gold claims comprising the Jackfish Lake property located in Thunder Bay, Ont.

Pursuant to the option agreement and in order to exercise the option, the company would need to make the following payments to the optionor.

  • Cash payments totalling $110,000, payable over four years as follows:
    • $15,000 within five business days of the effective date of the option agreement;
    • An additional $15,000 on or before each of the first, second and third anniversaries of the date the TSX Venture Exchange approves the option agreement;
    • $50,000 on or before the fourth anniversary of the exchange approval date;
  • 1.6 million common shares of Liberty One, issuable over four years as follows:
    • 500,000 shares within 10 business days of the exchange approval date;
    • An additional 200,000 shares on or before each of the first, second and third anniversary of the exchange approval date;
    • An additional 500,000 shares on or before the fourth anniversary of the exchange approval date.

In addition, the optionor will retain a 2-per-cent net smelter royalty (NSR), subject to the company's right to purchase half of the NSR by paying $1-million to the optionor.

Closing of the proposed transaction is subject to TSX Venture Exchange acceptance of a filing required to be made in respect of the option agreement and all other necessary regulatory approvals and acceptances, as well as other conditions precedents. There can be no assurance that the proposed transaction will be completed as proposed, or at all.

All securities issued in connection with the option agreement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.

The Jackfish Lake property

The property is located on the northern shores of Lake Superior, 20 kilometres east of Terrace Bay through Highway 17, Ontario. The property comprises 34 mining claims covering 3,664 hectares (9,054 acres). Geologically, the property lies within the Wawa subprovince of the superior province of the Canadian Shield, specifically the metavolcano-sedimentary Schreiber-Hemlo greenstone belt. The belt is known for its namesake Hemlo gold mine. Geology and mineralization on adjacent or properties in the area may not be representative of mineralization on the Jackfish Lake property. The company will focus exploration on the previously identified gold-bearing veins hosted within the eastern margin of the Terrace Bay batholith that underlie the property

The company is currently preparing an independent National Instrument 43-101 technical report on the property. The report will contain additional detail on the history and nature of business previously conducted on the property and any available financial information regarding it. Garry Clark, professional geoscientist, of Clark Exploration Consulting, is the qualified person as defined in NI 43-101, who has reviewed and approved the technical content in this press release.

We seek Safe Harbor.

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