HiThere are 14m shares to be issued in September What are they...

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11/08/23

21:13

Post #: 69298968
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Originally posted by TedZiki: ↑

A surprising announcement today but a very welcome one. I definitely did not expect to read today that Lightning Minerals would be entering into a binding LOI to purchase two projects in James Bay, Quebec. For those unfamiliar with the region have a gander at the below article, lots of big names.

James Bay Shaping Up as the Lithium Destination of Choice • White Noise Communications (whitenoisecomms.com)

As an explorer acquisitions are part of the game and as investors of L1M it is pleasing to see IPO funds being used for pipeline projects in a bona fide region. The consideration for this acquisition is key; as it stands L1M has paid $30,000 for a 60 day exclusivity period with the Vendor. If due diligence is satisfied L1M will pay an additional $220,000 bringing the total cash consideration for the acquisition to $250,000. The vendor will also receive $250,000 in ordinary shares (escrowed for 12 months so they can't flood the market upon issuance) and a 2% Smelter Royalty. If L1M reaches a stage where they have to pay smelting royalties we will all be very happy investors.

The remaining consideration is paid in milestones which would be very nice announcements in themselves. All round a win/win if Lightning reaches these stages.

All this being said, L1M is currently only in an exclusivity period and we would want to see due diligence being satisfied and may require approval from the Canadian Investment Review Board before being finalised. All very exciting.

P.S. lets not forget about RC assays at Dundas tenement 2001...GLTAH!

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Hi

There are 14m shares to be issued in September

What are they for ?

Thanks

L1M Price at posting: 16.5¢ Sentiment: Buy Disclosure: Not Held
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