Spey Resources Acquires Tech One Lithium Resources Corp.
Spey Resources Acquires Tech One Lithium
Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2021) -
Spey Resources Corp.
(CSE: SPEY)
(OTC Pink: SPEYF)
("Spey" or the "Company")
is pleased to announce that it has entered into a Share
Purchase Agreement dated as of April 23, 2021 (the "Share Purchase Agreement" or "SPA") with the
shareholders (the "Vendors") of Tech One Lithium Resources Corp. ("Tech One"), under which Spey has
purchased all of Tech One's issued and outstanding shares. As consideration for Spey's purchase of the
Tech One shares, Spey issued an aggregate of 23,500,000 shares ("Shares") to the Vendors.
Tech One has the option to acquire 100% of the mineral concessions of the Candella II project located
within the prolific Lithium Triangle, in the Salta Province of Argentina.
Candella II covers 300 hectares, is
represented by the mineral claim number 23262 located in the Incahuasi Salar and is road accessible.
Tech One has optioned the project from AIS Resources Corp. under an amended and restated
exploration joint venture agreement (the "Option Agreement") dated April 21, 2021 between Tech One
and AIS. AIS's management team, headed by Phillip Thomas, will be managing the project pursuant to
the Option Agreement.
AIS has a combined experience of over 35 years in lithium brine projects.
Tech One can option 80% of Candela II by making the following schedule of payments and expenditures
under the Option Agreement:
US $100,000 payment within 5 business days of signing the Option Agreement (PAID);
US $100,000 payment within 5 business days before September 18, 2021;
US $1,000,000 payment in within 5 business days before March 18, 2022; and,
Making US $500,000 in exploration or production expenditures by no later than April 21, 2022.
Upon Tech One successfully exercising the 80% Tech One shall have the right but not the obligation to
exercise the remaining 20% from AIS by making the following payment(s) to AIS:
US $6,000,000 on or before March 18, 2023, provided however that the amount of the 20%
Payment shall be increased by an additional US $250,000 for each five tonnes of lithium metal
equivalent by which the indicated or inferred resource estimate on the Concession at the time Tech
One makes the 20% Payment exceeds 45 tonnes of lithium metal equivalent (239,000 tonnes of
lithium carbonate).
Spey Resources chief executive officer and director Nader Vatanchi states, "We are electrified to be
involved in this project given the global need and demand for lithium and battery metals. We are excited
to have AIS Resources managing our Argentinian operations as their team has decades of experience
with lithium brine exploration and production."
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which holds an option to acquire 100%
interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina.
Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the
Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the
Kaslo Silver project, west of Kaslo British Columbia.
For more information, please visit the Company's public disclosure at
www.sedar.com
and
www.speyresources.ca
Contact:
Nader Vatanchi
CEO, Director
778-881-4631
www.speyresources.ca
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this release
.
Certain statements contained in this press release constitute "forward-looking information" as such
term is defined in applicable Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions as they relate to the Company, are intended to identify forward-looking
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Such statements reflect the Company's current views and intentions with respect to future events, and
current information available to them, and are subject to certain risks, uncertainties and assumptions,
including, without limitation: the potential of the Company's mineral properties; the estimation of
capital requirements; the estimation of operating costs; the timing and amount of future business
expenditures; and the availability of necessary financing. Many factors could cause the actual results,
performance or achievements that may be expressed or implied by such forward-looking information
to vary from those described herein should one or more of these risks or uncertainties materialize.
Such factors include but are not limited to: changes in economic conditions or financial markets;
increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and
competitive developments; and exploration or operational difficulties. This list is not exhaustive of the
factors that may affect forward-looking information. These and other factors should be considered
carefully, and readers should not place undue reliance on such forward-looking information. Should
any factor affect the Company in an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or events may differ materially from the
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by this cautionary statement. Moreover, the Company does not assume responsibility for the
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