BULLETIN V2024-0099
SUPERIOR MINING INTERNATIONAL CORPORATION ("SUI")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: January 9, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange ("Exchange") has accepted for filing documentation the Property Option Agreement dated July 31, 2023 (the "Agreement"), between the Company and an arm's length party ("Optionor"). Pursuant to the terms of the Agreement, the Company has been granted the exclusive right and option to acquire up to 100% of the Optionor's interest in 161 claims adjacent to the Company's existing Vieux Comptoir Lithium Property ("Claims"). As consideration to exercise the option, the Company has paid to the Optionor a one-time cash payment of $50,000 upon execution of the Agreement, and has issued to the Optionor 6,000,000 common shares of the Company ("Shares"). The Optionor will retain a 2% net smelter return royalty ("NSR") upon commencement of commercial production on the Claims. At any time, the Company will have the right to reduce the NSR from 2% to 1% by remitting a cash payment to the Optionor of $2,000,000.
Insider / Pro Group Participation: None
Finders' Fees: None
This acquisition is considered an Arm's Length transaction.
For further information, please refer to the Company's news releases dated August 8, 2023; December 12, 2023; and January 5, 2024.
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