Cornish Lithium Ltd said it extended its option to explore for metals in brines on ground owned by Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF).
In consideration for the extension, Cornish Lithium will issue US$100,000 in shares to Cornish Metals.
Upon receipt of the shares, the Cornish Metals will own just over 6.7mln shares in Cornish Lithium.
It will also have a 25% free carried interest up to a bankable feasibility study on the first Cornish Lithium project on its ground and a 10% free carried interest in each subsequent project developed.
Cornish Metals also owns a 2% gross revenue royalty payable from any production by Cornish Lithium of minerals from brines from its mineral rights.