Tickers: PINX:WCTXF, XTSX:LIC
Tags: #Mining
Vancouver, British Columbia - TheNewswire - February 25, 2020 - LiCo Energy Metals Inc. ("the Company "or" LiCo") (TSXV:LIC) (OTC:WCTXD) is pleased to announce that it has successfully negotiated the early termination of the Option Agreement originally announced on May 7, 2018 with Surge Exploration Inc. ("Surge"). By doing so, LiCo will retain 100% interest in the Glencore Bucke and Teledyne Claims, located near Cobalt, Ontario (the "Property").
The terms of the new Property Agreement are as follows:
LiCo will retain 100% interest in the Property by the early cancellation of the Option Agreement with Surge and all rights in regards to the Property will revert back to LiCo upon LiCo issuing to the Surge 2,500,000 common shares. The Agreement is subject to TSX Venture Exchange ("Exchange") approval.
Upon and subject to the terms and conditions of this Agreement, LiCo agrees to the following:
(a)issuing to Surge 2,500,000 fully paid and non-assessable common shares in the capital of LiCo Energy Metals Inc. at a deemed price of $0.09 per share, upon acceptance of the Agreement by the Exchange;
(b)All shares issued to the Optionee are a subject to a four month and a day hold period under applicable Securities Laws; and
(c)The Option Agreement is terminated upon Exchange acceptance to the Agreement.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a Canadian based exploration company that trades under the symbol LIC on the TSX Venture Exchange. The Company's focus is on exploration for high value metals required for the manufacturing of lithium ion batteries.
Ontario Cobalt Properties:
The Company has entered into an Option Agreement with Surge Exploration Inc. ("Surge") whereby Surge can earn an undivided 60% interest in the Glencore Bucke and the Teledyne Cobalt Properties, located in Cobalt Ontario, subject to certain cash, share and exploration payments to LiCo. Upon Surge having exercised the Option, Surge will have earned an undivided 60% interest in the Cobalt Properties, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement. Upon acceptance of this Property Agreement, and upon the payment of the proposed early termination amount by LiCo, 100% interest will revert to LiCo.
On Behalf of the Board of Directors
"Rick Wilson"
Rick Wilson, President &CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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