Lithium Corporation (OTCQB:LTUM) has entered an asset purchase agreement to sell its interests in the BC Sugar flake graphite property and the San Emidio and Fish Lake Valley lithium – brine properties, to PATHION, Inc.. Also, the company announced that Tom Lewis will step down as president and Brian Goss, currently a director of Lithium Corporation, will become president, secretary, and treasurer of the company.
As quoted in the press release:
The terms of the agreement require that PATHION (a privately held Delaware corporation headquartered in Los Gatos, California) pay Lithium Corporation an initial $1.25 million, and issue 500,000 common shares of PATHION stock at the Closing. A further $1 million will be held in escrow and paid out to Lithium Corporation on the first anniversary of the closing of the deal. The agreement also lays the groundwork for continuing co-operation between the two companies moving forward. The companies anticipate that the agreement will close by the end of September 2014.