Monumental Energy Enters into an Option Acquisition Agreement FOR the Transfer of the Salar de Turi Project
MONUMENTAL ENERGY ENTERS INTO AN
OPTION ACQUISITION AGREEMENT FOR THE
TRANSFER OF THE SALAR DE TURI
PROJECT
VANCOUVER, BC
,
April 11, 2024
/CNW/ - Monumental Energy Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRG) (FSE: BE5) (OTCQB: MNMRF) is pleased to announce that it has
entered into an arm's length option acquisition agreement (the "
Acquisition Agreement
") with
Summit Nanotech Corporation ("
Summit
") dated
April 11, 2024
, whereby the Company has agreed
to transfer and assign its rights and obligations under the Turi Option Agreement (as defined below)
to Summit (the "
Acquisition
"). The Company had previously entered into an option agreement with
Lithium Chile Inc. (TSXV: LITH) ("
Lithium
Chile
") and its wholly-owned Chilean subsidiary Compania
Minera Kairos Limitada dated
October 5, 2022
, as amended
August 24, 2023
(the "
Turi Option
Agreement
"), whereby Monumental was granted an option to acquire a 50.01% interest in the Salar
de Turi project (the "
Turi Project
") from Lithium Chile. The Turi Project is located 120 km northwest
of the Salar de Laguna Blanca and 60 km northeast of the city of Calama,
Chile
.
Pursuant to the Acquisition Agreement, in consideration for the assignment and assumption of the
Turi Option Agreement, Summit must, within five (5) business days of the closing of the Acquisition,
pay to Monumental
$725,000
in cash and grant to Monumental a two percent (2.0%) net smelter
return royalty on Summit's share of any future lithium production from the Turi Project (subject to the
exercise of the option by Summit to acquire a 50.01% interest in the Turi Project pursuant to the Turi
Option Agreement), in accordance with the terms set out in a royalty agreement between
Monumental and Summit. Lithium
Chile
has agreed to the Acquisition of the Turi Option Agreement
by Summit pursuant to the terms and conditions of the Acquisition Agreement in accordance with a
letter agreement between Summit and Lithium Chile. Closing of the Acquisition is subject to the
satisfaction of certain closing conditions customary for transactions of this nature and Monumental
and Summit expect that the Acquisition will be completed during
April 2024
.
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and
development of properties in the critical and clean energy sector. The Company has an option to
acquire a 75% interest and title to the Laguna cesium-lithium brine project located in
Chile
. The
Company has an option to acquire a 100% interest in the Jemi HREE project located in
Coahuila,
Mexico
near the
Texas, USA
border. The Company owns securities of New Zealand Energy Corp.
About Summit Nanotech Corporation
Summit Nanotech Corporation is a cleantech company transforming how the world accesses
lithium for EV batteries and the global energy transition. Their patented and sustainable direct
lithium extraction (DLE) technology, denaLi™, extracts lithium from brine using a sorbent and water
recovery solution, making way for a sustainable alternative to the traditional extraction
process. denaLi ™ will preserve ecosystems and optimize operations for lithium producers in
Chile
and Argentina. Established in 2018 and headquartered in
Calgary, Alberta
, Summit Nanotech has
been awarded the 2022 Future 50 for fastest growing sustainability companies in
Canada
, the
Foresight 50 for most investable cleantech venture, the Solar Impulse Foundation's Efficient
Solutions Label, and the 2024 Global Cleantech 100 list. Learn more at
summitnanotech.com
.
On behalf of the Board of Directors,
/s/ "Michelle DeCecco"
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 news release.
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information or
statements" within the meaning of applicable securities laws, which may include, without limitation,
statements in respect of the Acquisition, the Acquisition Agreement and the Turi Option Agreement
(and the terms and conditions of such agreements), respectively, and other statements relating to
the technical, financial and business prospects of the Company, its projects and other matters. All
statements in this news release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking statements. Such statements are
based on numerous assumptions regarding present and future business strategies and the
environment in which the Company will operate in the future, including the price of metals and oil and
gas, the ability to achieve its goals, that general business and economic conditions will not change in
a material adverse manner and that financing will be available if and when needed and on
reasonable terms. Such forward-looking information reflects the Company's views with respect to
future events and is subject to risks, uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration results, risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses
and those other risks filed under the Company's profile on SEDAR+ at
www.sedarplus.ca
. While
such estimates and assumptions are considered reasonable by the management of the Company,
they are inherently subject to significant business, economic, competitive and regulatory uncertainties
and risks. Factors that could cause actual results to differ materially from those in forward looking
statements include, but are not limited to, continued availability of capital and financing and general
economic, market or business conditions, failure to secure personnel and equipment for work
programs, adverse weather and climate conditions, risks relating to unanticipated operational
difficulties (including failure of equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters), risks relating to inaccurate
geological assumptions, failure to maintain all necessary government permits, approvals and
authorizations, failure to obtain surface access agreements or understandings from local
communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses
and diseases on the Company's ability to operate, capital market conditions, restriction on labour
and international travel and supply chains, decrease in the price of rare earth elements, lithium,
cesium and other metals, decrease in the price of oil and gas, loss of key employees, consultants,
or directors, failure to obtain and/or maintain community acceptance (including from the Indigenous
communities), increase in costs, litigation, and failure of counterparties to perform their contractual
obligations. The Company does not undertake to update forward–looking statements or forward–
looking information, except as required by law.
SOURCE
Monumental Energy Corp.
View original content:
http://www.newswire.ca/en/releases/archive/April2024/11/c8546.html
%SEDAR: 00050941E
For further information:
Michelle Dececco, Chief Executive Officer and Director, Email:
[email protected]; Maximilian Sali, VP Corporate Development and Director, Email:
CO: Monumental Energy Corp.
CNW 08:00e 11-APR-24