Lithium ION Energy Ltd. (TSX-V:ION, OTCQB:IONGF) announced that it has negotiated debt settlement agreements with certain arm’s length and non-arm’s length creditors.
The company said it has settled an aggregate amount of $143,669 of debt in consideration for an aggregate of 606,675 shares priced at $0.24 each.
All shares issued in relation to the debt settlements are subject to a hold period of four months and one day.
Meanwhile, the company said it has granted an aggregate 1,250,000 incentive stock options under its stock option plan to certain consultants and insiders.
Each stock option is exercisable into a share for $0.09 for two years from the date of grant. They will vest immediately.
Lithium ION Energy is committed to exploring and developing high quality lithium resources in strategic jurisdictions. It’s flagship project is the 81,000-plus hectare Baavhai Uul lithium brine project in Mongolia.