ION Energy Ltd. (TSX-V:ION, OTCQB:IONGF) has amended and restated its agreement to acquire the Bliss Lake lithium pegmatite project in the Northwest Territories.
The deal, originally announced on May 11, was amended to now consist of a single tranche of company shares valued at $128,571, or a deemed value of $0.25 per share.
Unamended transaction terms also provide for deferred equity-based consideration to the vendors in the event assay results from exploration at Bliss Lake satisfy defined lithium oxide content thresholds and cash consideration if a mineral resource estimate meets other defined criteria.
"At a pivotal time in the world's pursuit of electrification and strengthening battery metals supply, ION Energy couldn't be more pleased to have renegotiated the purchase terms for the highly prospective pegmatite project in the proven Yellowknife Pegmatite Field with exploration to commence this summer,” CEO Ali Haji said in a statement.
The acquisition is now expected to close in July, the company said.
“The ION team is also excited about the US government's recent memorandum of understanding with the Mongolian government, to advance critical metal cooperation between the two governments. ION Energy's long-term vision to disrupt the Asian battery metal supply, through our flagship assets in Mongolia, continues to provide a strong value proposition to our shareholders.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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