Thanks to the ever-on-point
@Gibbster for the update on a different thread noting Altura’s earn-in partner to be has been growing its landholding this year.
Here’s the link:
https://www.lithiumcorporation.com/...orporation-expands-fish-lake-valley-prospect/
It has indeed been growing:
.. “Currently, the Company’s holdings here are 6,873 acres (2,781 ha’s), up considerably from the beginning of the year holdings of 1,440 acres (523 ha’s).”
I don’t do maths but Google says (I think) that the
original tenements comprise only about 16.5% of exponentially expanded Lithium Corporation! ?
(..suck eggs American Lithium you don’t own all of Fish Lake Valley after all?)
Interesting?
The notice also says there’s been a rain-check of one month on the due date for the first instalment of Altura moneys which will start off the earn in process… Now due August 31.
….So things have not been so quiet at Fish Lake Valley on the Lithium Corporation side of the fence.
How did it fund the purchase of 5,433 new acres of tenements?
It seems the funds came from an agreement made in late January with
Lincoln Park Capital Fund
cheers
https://www.juniorminingnetwork.com...ement-with-lincoln-park-capital-fund-llc.html
Lithium Corporation Announces up to $10.3M Purchase Agreement With Lincoln Park Capital Fund, LLC
OTCMKTS: LTUM
www.lithiumcorporation.com
Mr. Tom Lewis reports:
ELKO, NV / ACCESSWIRE / January 28, 2021 / Lithium Corporation (OTCQB:LTUM) ("LTUM" or "the Company"), a North American company focused on energy metals for the growing energy storage sector and high-tech industries, has recently entered into a purchase agreement with Lincoln Park Capital Fund, LLC (LPC), under which LPC has agreed to purchase up to $10.3 million dollars of LTUM's common shares.
Under the terms of the purchase agreement, LPC made an initial purchase of $160,000 of LTUM's common stock at $0.42 per share.
Going forward, subsequent to the satisfaction of the conditions of the purchase agreement, including an S-1 resale registration statement being filed and declared effective by the SEC, LTUM has the option, but not the obligation, to sell up to a further $10.14 million dollars of its common stock to Lincoln Park Capital over the next three years.
The Company, at its sole discretion, will control the timing and amount of future sales of its common stock to LPC. There are no upper limits to the price LPC may pay to purchase common stock and the purchase price of the shares will be based on the prevailing market prices of LTUM's shares at the time of each sale to LPC.
LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling, or hedging of the Company's common stock.
The Company retains the right to terminate the agreement at any time, without any additional cost or penalty.
"Following considerable research, LTUM came to the conclusion that the timing for financing is ideal as the market for energy metals is rapidly becoming more bullish," states Tom Lewis, President and CEO of LTUM.
"After discussions with numerous groups over the years the Company is of the opinion that the LPC purchase agreement provides a low-cost solution that minimizes dilution for existing investors and allows the Company to maintain control and issue shares as we execute on our plan.
We welcome LPC as an investor and value their experience in the metal and mining sector."
LTUM intends to primarily use the proceeds of funding to ramp up its exploration and development plans on its existing properties, to evaluate and possibly acquire other energy metal assets, and also to satisfy ongoing general, and administrative needs.
A more detailed description of the agreement is set forth in Lithium Corporation's Current Report on Form 8-K to be filed with the SEC.
