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Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV0) ("Edison", "Edison Lithium" or the "Company") announces that it has entered into an asset purchase agreement (the "Agreement") with Globex Mining Enterprises Inc. ("Globex") dated the 8th day of April, 2024, pursuant to which the Company shall acquire from Globex the rights to alkali disposition A-4593 (see Figure 1) located in Whiteshore Lake in the Province of Saskatchewan (the "Alkali Disposition").
Edison's recent acquisitions of sodium brine claims is driven by interest in Sodium-Ion battery formulations. For information on Sodium-Ion batteries, visit www.sodiumbatteryhub.com.
Figure 1 - Disposition map showing location of Alkali Disposition A-4593 (Whiteshore Lake)
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This Alkali Disposition adds to the growing portfolio of alkali dispositions held by Edison. As previously disclosed (see news release dated August 25, 2023), the Company acquired certain alkali dispositions located in Ceylon Lake, Freefight Lake and the north and south areas of Cabri Lake, in the Province of Saskatchewan in 2023. For the locations of Edison's alkali dispositions, including the Alkali Disposition, please see Figure 2.
Nathan Rotstein, CEO of Edison Lithium, commented, "We are excited to expand our presence in Saskatchewan with the acquisition of Alkali Disposition A-4593. This strategic addition aligns with our commitment to building a robust portfolio of alkali assets and underscores our confidence in the region's mineral potential. Whiteshore Lake, located approximately 62 miles west of Saskatoon, offers favourable infrastructure with road access, power, rail, and natural gas availability. Historic reports indicate the presence of significant brine deposits and crystalline mirabilite beds, providing promising exploration prospects for Edison Lithium."
Figure 2 - Location of Edison alkali dispositions in Saskatchewan
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Under the terms of the Agreement, Globex shall transfer all of its right, title and interest in the Alkali Disposition to Edison in exchange for (a) a cash payment of $200,000 payable to Globex by the Company; (b) the issuance of such number of common shares in the capital of Edison (the "Consideration Shares") having an aggregate value of $50,000 based on the five day volume weighted average closing price per Consideration Share of the Company's shares on the TSX Venture Exchange preceding the date hereof, in favour of Globex; and (c) payment to Globex of a royalty of 2% of gross revenue from Commercial Production (as such term is defined in the Agreement) of mineral products by Edison.
The Consideration Shares to be issued in connection with the Agreement shall be subject to a statutory hold period of four months from the date of issuance. The Agreement, including the issuance of the Consideration Shares and all other transactions contemplated by the Agreement, remain subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
About Edison Lithium Corp.
Edison Lithium Corp. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, and other energy metal properties. The Company's acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in areas with proven geological potential. Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery metals space.
On behalf of the Board of Directors:
"Nathan Rotstein"
Nathan Rotstein
Chief Executive Officer and Director
For more information please contact:
Tel: 416-526-3217
Email: info@edisonlithium.com
Website: www.edisonlithium.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Disclaimer: This news release contains certain forward-looking statements. Statements that are not historical facts, including statements about Edison's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "will be", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "proposes", "contemplates", "is/are likely to" or other similar expressions. All information provided in this news release is as of the date of this news, and the Company undertakes no duty to update such information, except as required under applicable law.
Forward-looking statements in this press release relate to, among other things: the receipt of all required regulatory approvals, including the acceptance of the TSX Venture Exchange, and the completion of cash payments and share issuances, and the timing thereof. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of management on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: receipt of all required stock exchange and regulatory approvals of the Agreement and transactions contemplated by the Agreement, and the satisfaction of conditions precedent in the Agreement. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205097
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