Greatbanks Signs LOI for Joint Venture

Greatbanks Resources (CVE:GTB) and Ironstone Resources have signed a letter of intent in connection with a joint venture company, where ownership will be divided on a 50/50 basis between Ironstne and Greatbanks.
As quoted in the press release:

Ironstone is a privately held company that has raised approximately $30.0m CDN in a combination of equity and debt from institutional investors, certain family offices and a number of high net worth individuals. Ironstone’s primary assets include its poly-metallic iron/vanadium rich ore and lithium rich formation brines in the Clear Hills area of N.W. Alberta, Canada.
Under the terms of the LOI, Greatbanks and Ironstone will establish a newly incorporated JVC for the development of Lithium carbonate extracted from Devonian-age lithium bearing brines that will be pre-concentrated using a patented and exclusively licensed technology. The LOI provides for the following key terms:
a.Greatbanks will commit to contribute up to $2.0m CDN to the JVC over a term to be agreed to by the parties which will coincide with the terms of commercial development for lithium carbonate;
b.Ironstone will contribute the rights to all metallic and industrial minerals extracted from formation brines underlying approximately 180,000 hectares of permits and leases in the Clear Hills region of Alberta, Canada;
c.Both Greatbanks and Ironstone will each appoint one member to the Board of the JVC and will mutually agree to an independent Chairman; and
d.Ironstone will also convey a Technology License Agreement held with a third-party company to the JVC. The Technology License Agreement allows for the exclusive use and global distribution of a proprietary process, branded LiREC(R), to rapidly and economically pre-concentrate lithium from brines prior to the refinement into lithium carbonate.

Click here to read the full press release.