Li-FT Options the Lac des Montagnes Lithium Property, Appoints Corporate Secretary
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) ("Li-FT" or the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with 9219-8845 Quebec Inc. ("9219") and Steve LaBranche (collectively with 9219, the "Optionors") pursuant to which Li-FT will be granted the option (the "Option") to acquire a 100% interest in and to the Lac des Montagnes Lithium Property, comprised of 348 mineral claims located near Nemaska Village in the Province of Quebec (the "Lac des Montagnes Property"). The Lac de Montagnes property is located in the same prolific lithium belt that hosts the Nemaska Lithium Whabouchi Deposit, a world-class lithium deposit in Quebec, Canada. With the completion of the Lac des Montagnes land transaction, Li-FT now has 216,000 hectares of prospective land in this lithium district.
The Lac des Montagnes property is 18,535 hectares in size and contains four tantalum (Ta) showings. Ta is often associated with lithium pegmatite deposits, including the nearby world-class Whabouchi lithium deposit.
The project is surrounded by existing infrastructure including two Hydro Quebec substations, the Nemiscau substation and Albenal substation, as well as the Nemiscau lodging facility that can accommodate an exploration team without requiring camps. In addition, the area is serviced by the year-round Nemiscau airport and provincially maintained roads.
When asked to comment about the announcement of the Option Agreement, Li-FT CEO Julie Hajduk said, "We're thrilled to extend our holdings in this region, making Li-FT the largest land holder in the James Bay lithium district. Our summer 2022 exploration program on existing Li-FT land holdings was recently completed in early September, and we look forward to releasing results from this work later this fall."
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Principal Terms of the Option Agreement
Under the terms of the Option Agreement, Li-FT can earn a 100% interest in the Lac des Montagnes Property by issuing 225,000 common shares ("Li-FT Shares") to the Optionors on closing of the agreement, paying an aggregate of $300,000 in cash, due upon signing, and an additional aggregate of fully-paid Li-FT Shares with a value of $3,000,000 to the Optionors. The payment schedule is as follows:
- $300,000 in cash and 225,000 Li-FT Shares within five (5) business days of the effective approval date ("Approval Date")
- An additional $1,500,000 in value of Li-FT Shares on the 6th month anniversary of the Approval Date
- An Additional $1,500,000 in value of Li-FT Shares on the 12th month anniversary of the Approval Date
Once these obligations have been satisfied and Li-FT exercises its option to acquire the Lac des Montagnes Project, The Company will agreed to pay a 2% NSR Royalty on all Mineral Products sold from the Property to the Optionors; Canadian Mining House (1.5%) and Steve Labranche (0.5%) (the "Royalty Holders").
The Company is additionally pleased to announce the appointment of Ms. Iveta Michelcikova as Corporate Secretary effective immediately. Ms. Michelcikova has completed the Public Companies. Financing Governance and Compliance course at Simon Fraser University and has over 5 years of experience working with public companies.
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties, specifically lithium pegmatite projects located in Canada. The Company currently holds a 100% interest on the Rupert Project, which is a 155,000 hectare greenfield lithium pegmatite exploration initiative, and has recently signed an option agreement for a 15,323 hectare project with 70% interest on the Pontax Property. On September 21, 2022 The Company additionally entered into an option agreement for a 18,535 hectare property with a 100% on the Lac des Montages Project. All properties are located in the James Bay region in Quebec, Canada.
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Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
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