Southern Lithium Announces Definitive Agreement With Millennial Lithium to Acquire Cruz Property

Southern Lithium (TSXV:SNL) has announced that it has executed a formal option agreement with Proyecto Pastos Grandes S.A., a wholly-owned subsidiary of Millennial Lithium  (TSXV:ML) to be granted an option to acquire an 80 percent interest in the Cruz Property in Argentina.
As quoted in the press release:

The terms of the Definitive Agreement:
In order for the Company to acquire a seventy percent (70%) interest in the Cruz Property, the Company must:
-Pay a non-refundable deposit of US$150,000 to PPG SA. This payment has already been completed.
-Pay an additional US$50,000 non-refundable deposit to PPG SA upon the execution of the Definitive Agreement. This payment has been made.
-Issue 540,000 common shares of Southern Lithium to PPG SA or Millennial at a deemed price of $0.25 CDN subject to exchange approval.
-On closing of the first tranche of the Private Placement or November 30, 2016 (whichever is earlier) place in a joint exploration account the sum of US$500,000 (the “Exploration Funds”).
-Spend the Exploration Funds of US$500,000 lithium mineral resources exploration activities on the Cruz Property on or before October 1, 2017
-Pay to PPG SA the sum of US$1,000,000 on or before October 1, 2017; and
-Pay to PPG SA the sum of US$1,000,000 on or before October 1, 2018.
((a)-(g) being, collectively, the “Option Exercise Price”).
To earn the additional 10% interest (for an aggregate total 80% interest) in the Property, the Company must, prior to that date which is 6 months after the third anniversary of the Definitive Agreement, complete a bankable feasibility study on the Property.

Click here to read the full press release.