Southern Lithium Provides Updates and Information on Cruz Property

Southern Lithium (TSXV:SN:L) previously announced that it has executed a formal option agreement with Proyecto Pastos Grandes, a subsidiary of Millennial Lithium (TSXV:ML) to have the option to acquire an 80 percent interest in the PPG SA’s Cruz Property.
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:

1. Pay a non-refundable deposit of US$150,000 to PPG SA. This payment has already been completed.
2. Pay an additional US$50,000 non-refundable deposit to PPG SA upon the execution of the Definitive Agreement. This payment has been made.
3. 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.
4. 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”).
5. Spend the Exploration Funds of US$500,000 lithium mineral resources exploration activities on the Cruz Property on or before October 1, 2017
6. Pay to PPG SA the sum of US$1,000,000 on or before October 1, 2017; and
7. Pay to PPG SA the sum of US$1,000,000 on or before October 1, 2018.

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.
The transaction is subject to TSX Venture Exchange approval.

Click here to read the full press release.