E3 Lithium Receives TSXV Approval and Closes Agreement with Imperial Oil
E3 Lithium Receives TSXV Approval and
Closes Agreement with Imperial Oil
CALGARY, AB
,
July 8, 2022
/CNW/ - E3 LITHIUM LTD. (TSXV: ETL) (FSE: OU7A) (OTCQX:
EEMMF) (the "Company")
Alberta's
leading lithium developer and Direct Lithium Extraction (DLE)
technology innovator, is pleased to announce further to its news release of
June 23, 2022
, that it has
received TSX Venture Exchange ("
TSXV
") approval to issue 3,413,979 prepaid warrants (the "
IOL
Warrants
") to Imperial Oil Limited as well as 128,024 common shares (the "
Finder's Shares
") to
the finder in respect of the transaction with Imperial Oil Ltd.
On closing today, the Company issued and delivered the IOL Warrants against receipt of the sum of
CAD
$6.35M
and issued and delivered the Finder's Shares as well as paid the finder the balance of
the finder's fee in the amount of
CAD$79,375
.
"E3 Lithium is pleased to have completed the agreement with Imperial Oil and we look forward to
working closely with their team to rapidly advance our Clearwater Lithium Project development,"
commented
Chris Doornbos
, E3 Lithium's CEO.
About E3 Lithium
E3 Lithium is a development company with 7.0 million tonnes of lithium carbonate equivalent (LCE)
inferred mineral resources
1
in
Alberta
and an NPV8% on its Clearwater Lithium Project of
USD 1.1
Billion
with a 32% IRR pre-tax and
USD 820 Million
with a 27% IRR after-tax
1
. Through the
successful scale up its DLE technology towards commercialization, E3 Lithium's goal is to produce
high purity, battery grade lithium products. With a significant lithium resource and innovative
technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best
jurisdictions in the world.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos
, President & CEO
E3 Lithium
1: The Preliminary Economic Assessment (PEA) of the Clearwater Lithium Project NI 43-101
technical report is effective
Dec 21, 2020
. E3 Lithium has also released three NI 43-101 Technical
Reports providing a total resource of 7.0Mt LCE. The Clearwater Lithium Project PEA resource
estimate, identifying 2.2Mt LCE (inferred) effective
December 21, 2020
; the North Rocky Resource
Area (NRRA) Technical Report effective
October 27, 2017
identifying 0.9Mt LCE (inferred); and the
Exshaw West Resource Area (EWRA) identifying 3.9Mt LCE (inferred) dated
June 4, 2018
. All
reports are available on the Company's website (e3lithium.ca/technical-reports) and SEDAR (
www.sedar.com
)
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management's objectives,
strategies, beliefs and intentions. Forward looking statements are frequently identified by such
words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring
to future events and results. Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is inherently uncertain and subject to a
variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration
and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium
extraction technologies which have not yet been tested or proven on a commercial scale or on the
Company's brine, competitive risks and the availability of financing, as described in more detail in our
recent securities filings available at
www.sedar.com
. Actual events or results may differ materially
from those projected in the forward-looking statements and we caution against placing undue
reliance thereon. We assume no obligation to revise or update these forward-looking statements
except as required by applicable law.
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.
SOURCE
e3 Metals Corp.
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%SEDAR: 00011471E
For further information:
E3 Lithium - Investor and Media Relations, Robin Boschman, Director,
External Relations, 403-612-9498, [email protected]
CO: e3 Metals Corp.
CNW 03:55e 08-JUL-22