ITS on Now .. Acquisition of further project areas/ acreage with...

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gonegassed

13,783 Posts.

08/02/16

09:47

Post #: 16964090
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Originally posted by ckowal ↑

I've gone back over the Seymour Lake Project deal. Correct me if I'm wrong- ADV intends to undertake soil sampling, soil surveys and drilling in the area under prior to completing DD. In other words, see what's out there and give investors confidence in this new project prior to signing away. Best of all if it doesn't measure up, walk away under the option agreement and target other geological projects in Canada. Crafty.

Targeting potential off-take partners and customers, sounds a bit early for that but we might be in for a surprise this year in 2016.

Seymour Lake Advanced Lithium Project Deal 06/01/16

Deal Terms
Key deal terms for the option agreement (in CAD*) to acquire 100% of the Seymour Lake Project include:
1. An exclusivity/holding deposit of C$75,000 to be paid on signing of the agreement (which amount has been paid) to commence a 150-day option and due diligence period;
2. C$75,000 plus C$250,000 in ADV equity (at the 20-day VWAP prior to this announcement) to be paid at the end of a 150-day due diligence period to keep option on foot;
3. Following the due diligence period if Ardiden wishes to continue the option, the vendor will be paid in quarterly instalments of C$25,000 per quarter to a total of a further C$350,000;
4. A further C$250,000 of Ardiden shares (at the 20 day VWAP prior to this announcement) will be issued at the completion of the option agreement (or no later than 24 months from execution of option) for a total compensation of C$1,000,000 to finalise the transfer of 100% of Seymour Lake;
5. Ardiden reserves both the right to accelerate all payments or withdraw from the option agreement at any time. The vendor will retain 100% of the Seymour Lake rights should Ardiden fail to complete any requirements of the option agreement; and
6. The property has an existing 3% net smelter royalty (NSR) held by an independent third party. The vendor maintains the option to purchase or buy back from the third party a 1.5% NSR for payment of C$1,000,000.

Next Steps
The Company intends to undertake the following activities at the Seymour Lake Project in the New Year as it continues its focus on commodities exposed to structural and transformational change (such as those which are essential ingredients in the manufacture of lithium-ion batteries) in leading jurisdictions.
- Due diligence on Seymour Lake during the 150-day option period to include detailed review of historical data and further geological exploration potentially including but not limited to surface sampling, soil surveys and further drilling;
- Further planned drilling on the Manitouwadge Graphite Project as set out in ASX Announcement dated 5 January 2016;
-Progression of discussions with potential off-take partners and customers; and
-Acquisition of further project areas/ acreage with strong geological potential. Further updates will be provided as they come to hand.

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ITS on Now ..

Acquisition of further project areas/ acreage with strong geological potential. Further updates will be provided as they come to hand.

ADV Price at posting: 2.2¢ Sentiment: Buy Disclosure: Held
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