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LithiumBank Resources Corp
Symbol LBNK
Shares Issued 49,882,939
Close 2024-03-28 C$ 0.92
Market Cap C$ 45,892,304
Recent Sedar Documents

LithiumBank optionee exercises Estevan purchase option

2024-04-01 11:12 ET - News Release

Mr. Rob Shewchuk reports

LITHIUMBANK ANNOUNCES EXERCISE OF ESTEVAN LAND PURCHASE OPTION

Further to LithiumBank Resources Corp.'s news release dated Dec. 21, 2023, announcing the option agreement dated Dec. 20, 2023, the optionee (a subsidiary of a public company that is arm's length to the company) has elected to exercise its option to purchase the company's Estevan lithium brine project in Saskatchewan, Canada, for $15-million, less the $8-million non-refundable deposit paid to the company by the optionee concurrently with entering into the option agreement.

"The exercise of the Estevan land purchase option for a total of $15-million in non-dilutive capital by the optionee is a testament to LithumBank's value creation model," commented Paul Matysek, executive chairman of LithumBank. "We have sought to acquire district-scale landholdings with prospective lithium brine geology, efficiently derisk the assets and structure mutually beneficial transactions with major project developers. This transaction is evidence of the merits of our model and our ability to build shareholder value. We will continue to advance the remainder of our portfolio in Alberta (Boardwalk and Park Place) and Saskatchewan (South and Kindersley) through advanced engineering, with large-scale DLE pilot testing of our Alberta brines expected to commence in the next quarter at our Calgary facility."

The company retains the Kindersley and South lithium brine projects as the option agreement's exercise period has concluded.

In connection with the exercise of the option, the company has agreed to pay a $112,000 cash finder's fee to Kepis & Pobe Financial Group Inc., being 1.6 per cent of the purchase price, less the deposit.

About LithiumBank Resources Corp.

LithiumBank Resources is a publicly traded lithium company that is focused on developing its two flagship projects, Boardwalk and Park Place, in Alberta as well as two key strategically located projects in Saskatchewan. The company completed an updated preliminary economic assessment of its Boardwalk property in early 2024. The company holds 2,480,196 acres of brownfield lithium brine licences, across three districts in Alberta and Saskatchewan.

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