LithiumBank Announces Exercise of Estevan Land Purchase Option
LithiumBank Announces Exercise of Estevan
Land Purchase Option
Calgary, Alberta--(Newsfile Corp. - April 1, 2024) -
LithiumBank Resources Corp. (TSXV: LBNK)
(OTCQX: LBNKF)
("
LithiumBank
'' or the "
Company
") is pleased to announce that, further to the
Company's news release dated
December 21, 2023
announcing the option agreement dated
December 20, 2023 (the "
Option Agreement
"), the optionee (a subsidiary of a public company that is
arm's length to the Company) has elected to exercise its option to purchase the Company's Estevan
lithium brine project in Saskatchewan, Canada for $15 million (the "
Purchase Price
"), less the $8
million non-refundable deposit paid to the Company by the optionee concurrently with entering into the
Option Agreement (the "
Deposit
").
"The exercise of the Estevan land purchase option for a total of CAD $15 million in non-dilutive capital by
the optionee is a testament to LithumBank's value creation model," commented Paul Matysek, Executive
Chairman of LithumBank. "We have sought to acquire district-scale landholdings with prospective lithium
brine geology, efficiently de-risk the assets, and structure mutually beneficial transactions with major
project developers. This transaction is evidence of the merits of our model and our ability to build
shareholder value. We will continue to advance the remainder of our portfolio in Alberta (Boardwalk and
Park Place) and Saskatchewan (South and Kindersley) through advanced engineering, with large scale
DLE pilot testing of our Alberta brines expected to commence in the next quarter at our Calgary facility."
The Company retains the Kindersley and South lithium brine projects as the Option Agreement's
exercise period has concluded.
In connection with the exercise of the option, the Company has agreed to pay a $112,000.00 cash
finder's fee to Kepis & Pobe Financial Group Inc., being 1.6% of the Purchase Price, less the Deposit.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company
that is focused on developing its two flagship projects, Boardwalk and Park Place, in Alberta as well as
two key strategically located projects in Saskatchewan. The Company completed an updated
Preliminary Economic Assessment of its Boardwalk property in early 2024. The Company holds
2,480,196 acres
of brown-field lithium brine licenses, across three (3) districts in Alberta and
Saskatchewan.
Contact:
Rob Shewchuk CEO & Director
(778) 987-9767
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.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. "Forward-looking information" includes, but is not limited to, statements with
respect to the activities, events or developments that the Company expects or anticipates will or may
occur in the future, including the Company's expectations regarding the advancement of its portfolio
in Alberta and Saskatchewan through advanced engineering; DLE pilot testing of the Company's
Alberta brines commencing in the next quarter; and expectations regarding the Company's ability to
build shareholder value.
Generally, but not always, forward-looking information and statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words
and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved" or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including
among others, the Company's ability to achieve its stated goals, including that the Company will be
able to advance its portfolio in Alberta and Saskatchewan through advanced engineering; that DLE
pilot testing of the Company's Alberta brines will commence in the next quarter; and the Company's
ability to create shareholder value.
Although the assumptions made by the Company in providing forward-looking information or making
forward-looking statements are considered reasonable by management at the time, there can be no
assurance that such assumptions will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's plans or expectations include, without limitation, the
risk that the Company will not be able to achieve its stated goals, including that the Company will not
be able to advance its portfolio in Alberta and Saskatchewan through advanced engineering; that DLE
pilot testing of the Company's Alberta brines will not commence in the next quarter or at all; the risk
that the Company will not be able to create shareholder value; the potential for delays in exploration,
development, permitting, and assembly activities at the Company's projects and lithium brine pilot
plant; the possibility that any future development results will not be consistent with the Company's
expectations; risks related to commodity price and foreign exchange rate fluctuations; the cyclical
nature of the industry in which the Company operates; risks related to global financial markets,
including the trading price of the Company's shares and the Company's ability to raise capital may
also result in additional and unknown risks or liabilities to the Company.
Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in the forward-looking information or implied by forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated, estimated
or intended. Accordingly, readers should not place undue reliance on forward-looking statements or
information.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/203799