FINWIRES · TerminalLIVE
FINWIRES

LithiumBank Resources Agrees to an Option to Buy Key Infrastructure for the Boardwalk Lithium Brine Project

By

LithiumBank Resources (LBNK.V) on Thursday said it signed a non-binding Letter of Intent (LOI) with an arm's length third party granting the company the option to buy certain key infrastructure assets associated with the company's Boardwalk Lithium Brine project in northwest Alberta for a period of two years.

The company will pay C$1 million consisting of C$500,000 in cash and shares worth C$500,000, upon execution of the option agreement. The infrastructure includes existing wells, pipelines, related surface leases and easements that are expected to materially reduce capital expenses and shorten the timeline needed to advance Boardwalk toward development and commercialization, it said.

The parties intend to negotiate and enter a mutually satisfactory option to the purchase agreement under the terms of the LOI. LithiumBank may also exercise the option to buy the assets for a purchase price of C$2.5 million, consisting of C$1.3 million in cash and C$1.3 million in shares at any time during the term of the option agreement.

Shares of the company were last seen up C$0.01, or 2.2%, to C$0.46 on the TSX Venture Exchange.

Price: $0.46, Change: $+0.01, Percent Change: +2.22%

Related Articles

Mining & Metals

DPM Metals Reports Higher Preliminary Q2 Gold Equivalent Production

DPM Metals (DPM.TO) after trade Wednesday said its gold-equivalent production increased in the second quarter, supported by strong performance at Chelopech and the continued ramp-up of Vares.The company produced 62,000 ounces of gold and 102,000 gold-equivalent ounces (GEOs) in the three months ended June 30. Gold sales totaled 55,000 ounces, while gold equivalent sales reached 87,000 ounces.Vares produced about 35,000 gold GEOs in the second quarter, the company said, adding that it "has continued to make strong progress at Vares, achieving targeted development rates averaging over 400 meters per month and processed 117,000 tonnes in the second quarter, a 48% quarter-on-quarter increase." The company also said Chelopech produced about 56,000 GEOs and Ada Tepe produced roughly 11,000 GEOs in the quarter.These are preliminary production results, DPM said, adding that it plans to release its second quarter operating and financial results after market close on July 30."Our continued return of capital program, which totaled over $49 million of share repurchases during the second quarter, reflect our confidence and excitement for DPM's continued exploration success, including the significant new discovery of the high-grade Brevene South Porphyry we announced in June," Chief Executive David Rae said.

$DPM.TO
Mining & Metals

North American Construction Group Unit Wins Five-Year Oil Sands Contract, Adds C$135 Million to Backlog

$NOA.TO
Mining & Metals

Vermilion Energy to Buy Back Up to 15.16 Million Shares Under NCIB

Vermilion Energy (VET.TO) said Wednesday the Toronto Stock Exchange approved its plan to launch a normal-course issuer bid (NCIB).Under the bid, the company will purchase up to 15.16-million shares, about 10% of its public float as at June 30, over a 12-month period beginning on July 12.The total number of shares Vermilion is permitted to purchase on the Toronto Stock Exchange is subject to a daily purchase limit of 322,467 shares, the company said.The company's shares closed up C$0.61 to C$13.47 on TSX on Wednesday.

$VET.TO