Simac East Lithium Project adds partner
Vancouver, British Columbia – July27, 2022 – Lithium One Metals Inc.(TSXV: LONEand FSE: H490) (the "Company") announces that, subject to regulatory approval, True NorthGems Inc.(TSXV:TGX)via its wholly-owned subsidiary Laval Critical Elements Inc. and theCompany have agreed forTrue North Gems Inc., to acquire, pursuant to an agreement dated July 26, 2022, a 50% interest in theSirmac EastLithium Project. This transaction remains subject to regulatory approval.
Terms of the AcquisitionSubject to regulatory approval, True North Gems Inc., via its wholly-owned subsidiary LavalCritical Elements Inc.,shallacquireanundivided50%interestintheSimac EastLithiumPropertyby:
- Issuing500,000 units of True North Gems Inc.(each Unit comprises one common shareand500,000 warrants exercisable at 20 cents for 24 months from the date of issuance of the underlying common shares)toL1within10 days of regulatory approval;
- Expending $250,000 on exploration in the aggregate on the Sirmac East and Cyr-Kapiwak Lithium Properties, within 24 months of regulatory approval;
The Company retains a 2% NetSmelter Royalty ontheSirmac East Lithium Property, and hastherighttobuy1%oftheroyaltyfor atanytimeforCAN$1million.
On behalf of Lithium One Metals Inc.
Andrew Lee Smith
Chief Executive Officer
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 Information
Certain information in thisnews release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.