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