Los Sapitos Lithium Project, ArgentinaOn October 1, 2021, the Company entered into an option agreement to acquire a 100% interest in theLos Sapitos Lithium Project (the “Project”) located in Argentina from private vendors. On September 30,2022, October 18, 2022 and November 30, 2022, certain terms of the option agreement were amended.Pursuant to the option agreement, the Company is to: •••••••Pay USD$25,000 (paid) upon signing; Pay USD$25,000 (paid) and issue 200,000 common shares (issued and valued at $72,000) onNovember 15, 2021; Pay USD$10,000 (paid) and issue 200,000 common shares by October 15, 2022 (issued andvalued at $34,000); Pay USD$75,000 by December 15, 2022 (paid); Incur USD$200,000 in exploration expenditures on or before December 15, 2022 (satisfied inMarch 2023); Pay USD$75,000 and issue 200,000 common shares on each anniversary of December 15, 2021for four years beginning on the second anniversary until the Company completes areorganization; andIncur an additional USD$4,800,000 in exploration expenditures on or before December 15, 2026.
If the Company re-organizes its lithium assets in a reorganization to an affiliate company or saletransaction to a third-party company, acceptable by the private vendors, the required explorationexpenditures totaling USD$5,000,000 are not required. In addition, the Company shall: a) Issue to the private vendors the greater of: • 1,000,000 common shares of the affiliate or third-party company; or • Number of common shares of the affiliate or third-party company having a fair market value ofUSD$1,000,000.
Origen Resources share price has been going down the gurgler. They obviously don't have the capital and are offloading this.
NPM Price at posting:
0.1¢ Sentiment: Sell Disclosure: Not Held
