Zadar Ventures Signs Option to Acquire Lithium Properties in Nevada

Zadar Ventures (TSXV:ZAD) has entered an option agreement with GeoXplor to acquire two prospective lithium projects near Silver Peak, Nevada.
As quoted in the press release:

In order to exercise the option to earn 100% in the 42 unpatented placer claims that comprise the two lithium projects, Zadar will issue 5,000,000 of its common shares and pay US$450,000 in cash payments to GeoXplor as follows:

• US$50,000 on the effective date (paid);
• 1,000,000 common shares on TSX.V approval;
• US$50,000 on or before March 25, 2016;
• 1,000,000 common shares on each of the first four anniversaries of the effective date;
• US$75,000 on each of the first and second anniversaries of the effective date; and
• US$100,000 on each of the third and fourth anniversaries of the effective date.

Zadar will be required to make exploration expenditures of US$200,000 in year one, a further US$300,000 in year two, a further US$1,000,000 in year three and a further US$1,000,000 in year four. On the fifth anniversary of the Effective Date, and annually thereafter, Zadar shall pay minimum advanced annual royalties payments of US$100,000.
Upon completion of an inferred resource calculation that confirms either of the properties having a minimum presence of 100,000 tons lithium carbonate equivalent grading at no lower than 28 parts per million lithium grade average, the Company shall pay GeoXplor US$1,000,000 in cash or Zadar Shares, or a combination thereof at Zadar’s election.

Click here for the full press release.