MILLENNIAL LITHIUM CORP ("ML")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: September 22, 2016
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a Definitive Purchase Agreement dated September 16, 2016 (the "Agreement") between Proyecto Pastos Grandes S.A, 100% wholly owned Argentinian subsidiary of Millennial Lithium Corp (the "Company"), and Jorge Enrique Moreno and Alba Silvia Salas (the "Vendors"), whereby the Company will acquire a 100% interest in four mineral property concessions located at El Salar de Pastos Grandes, Departamento de los Andes, Province of Salta, Argentine Republic (the "Properties").
Consideration under the Agreement includes:
* Cash payments to the Vendors of US $2,200,000:
o US $200,000 on signing,
o US $500,000 on execution of definitive agreement,
o US $500,000 on six months anniversary and
o US $1,000,000 on 12 month anniversary;
* Share issuance to the Vendors of US$1,000,000 of common shares:
o 500,000 shares on execution of definitive agreement,
o A minimum of 500,000 in shares on six months anniversary
* Exploration Expenditures of US $1,600,000, on the properties, within the first year.
The four mineral property concessions are subject to a 1.5-per-cent net smelter return royalty, which the company has the option to purchase for USD$3-million.
A finder's fee of 5% of the cash and shares to be paid to the Vendors will be payable to Synergy Resource Capital Pty Ltd. Payments or share issuances to the Finder do not come due and payable until such time as they have been made to the Vendor.
The transaction has closed on Friday Sept 16, 2016.
Further information on the transaction is available on the Company's SEDAR profile in news releases dated July 19, Aug 15, Aug 24, and September 16, 2016.
CASH SHARES WORK EXPENDITURES
Jorge Enrique Moreno and
Alba Silvia Salas US$2,200,000 1,000,000 US$1,600,000
Synergy Resource Capital Pty Ltd. US$105,000 50,000 -
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