Ion Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company") is very pleased to announce the results of a TEM (Transient Electro Magnetic) survey on its Urgakh Naran project. The TEM survey detects high conductivity and low resistivity across the basin, and to predict extensions, faults, and displacements affecting the aquifer. The program was highly successful in meeting all objectives.
"The Company is extremely pleased to report TEM results that suggest that the Urgakh Naran project's aquifer is large in size and shows low resistivity. On the back of at surface samples of 918 Mg/L Lithium as announced by the Company on May 9, 2022, these geophysics results further advance the hypothesis of a potential significant lithium brine deposit at the Company's Urgakh Naran site," said Ali Haji, CEO & Director of Ion Energy.
Ion Energy has successfully completed an 82 line-km TEM survey on its Urgakh Naran project in Mongolia.
The survey identified very low resistivity northeast structures narrowing from the southwest to the northeast direction in the central licence.
Figure 1: Low Resistivity Zone Illustrated Against Resistivity Sections
To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/6906/130471_fe763eb0c4360a8f_002full.jpg.
Ion Energy is currently assessing the data to determine suitable drill monitoring well locations to test the conductive zone at depth. A three hole monitoring well drill program is planned that will be announced to market in order to obtain samples for lithological description and porosity testing, flow rates and depth-specific brine samples that include chemical assays to allow the Company to achieve an early resource estimate. Figure 1 illustrates the highly conductive zone on the resistivity sections.
All lines show resistivity beginning at a highly encouraging 0.2 Ohm, with a maximum resistivity of 500 Ohm, drawing similarities to assets in the Lithium Triangle.
Ion Energy is highly encouraged by the results of the TEM survey. Surface brine sampling at 918 Mg/L Li at Urgakh Naran along with the 1502 ppm Li seen at the White Wolf Prospect at Baavhai Uul continue to display high prospectivity. The TEM results, geophysics at Baavhai Uul have confirmed the potential for the development of a potentially large, deep highly conductive zone in the central part of the Urgakh Naran concession supporting the geological exploration model and thesis developed by the company.
All technical information disclosed in this press release has been reviewed and approved by Khurelbaatar Lamzav, P.Geo., an independent consultant to the Company and a "Qualified Person" under National Instrument 43-101.
ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing Mongolia's lithium salars. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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ION Energy Ltd. (TSXV:ION,OTC:IONGF) is a battery metal exploration company focusing on lithium exploration in southeast Mongolia. The company holds one of the largest mining licenses in Mongolia and is leveraging its first-mover advantage to explore an area of more than 80,000 hectares containing lithium brine and spodumene targets.
The global lithium market was worth US$2.86 billion in 2017 and is projected to grow to US$5.88 billion by the end of 2025, according to data by Adroit Market Research. Lithium’s growth is being driven by demand from the green energy and electric vehicle markets. Rising concern over global carbon emissions is leading to the rising adoption of renewable energy generation technologies including electric vehicles and large-scale energy storage technologies, all of which require massive amounts of battery metals like lithium, cobalt and nickel. The International Energy Agency projects the number of electric vehicles on the road to reach 125 million by 2030, with each one containing a large lithium-ion battery. Battery-producing megafactories, including Tesla’s famous giga-factories, are being built around the world, with 91 such facilities expected to be operational by 2028. Governments around the world, including the United States and Chinese governments, are working to secure supplies of battery metals to prepare for a green energy future.
The Mongolian government has granted ION Energy one of the largest exploration licenses in the country for the company’s Baavhai-Uul project in the Sukhbaatar province. The 81,758 hectare asset contains high-grade near-surface lithium brines of up to 810ppm with low potassium and magnesium ratios, which makes for better crystallization of the lithium hydroxide. ION Energy is the first company to be granted a license for this asset, which has never been mined previously. Previous exploration work has been conducted on the project by the Technical University of Mongolia and the Mongolian government.
ION Energy’s management team has extensive experience working with the Mongolian government, which has been largely supportive of mining exploration within the country. The Mongolian economy is largely commodity-based and is considered by the World Bank to be stable and growing. The country’s GDP reached US$13.01 billion in 2018 with a growth rate of approximately six percent. Mongolia enjoys social and political stability and offers a low cost of doing business for international miners. The country is equipped with high-quality and reliable mining and transportation infrastructure. Mongolia’s advantageous position in East Asia puts it close to major lithium markets like China, Korea, Japan and Russia.
The Mongolian government signed a Foreign Investment Promotion and Protection Agreement (FIPA) with Canada in 2017. The agreement established a legal framework under which Canadian investors working in Mongolia are offered greater predictability and certainty for their investments.
The geology of Southeast Mongolia mirrors that the famed Lithium Triangle of South America. Like the Lithium Triangle, the region is an endorheic basin contained within a low precipitation zone.
ION energy’s Baavhai-Uul asset is located approximately 800 kilometers southeast of Ulaanbaatar, the capital of Mongolia and 200 kilometers south of Baruun-Urt, the capital of Mongolia’s Sukhbaatar province. The property is located about 200 kilometers from the Chinese border. The property totals approximately 81,758 hectares in size. The area is well connected, with paved roads connecting all population centers in the area to the capital city. Gravel roads lead directly to the Baavhai-Uul property. Local towns could supply the project with inexpensive labor, while supplies and equipment can easily be obtained from Ulaanbaatar.
Exploration work by the Mongolian University of Science and Technology
Exploration work has been conducted on the property by the Mongolian University of Science and Technology. The university’s work consisted of two pits drilled by hand auger in the lake bottom collected in 20 cm intervals and has indicated the presence of high-grade near-surface lithium brines. Sampling results by the university indicate lithium content in brines of up to 811 ppm lithium with an average of 462.64 ppm lithium. The samples were assayed by the independent certified assay lab Khanlab LLC located in Ulaanbaatar.
Ali Haji is the Director of Antler Hill Mining Ltd and Spirit Banner II Capital Corp. Haji serves as an advisor to ATMA Capital Markets Ltd and Steppe Gold.
Mr. Haji has extensive knowledge of the financial services sector after having spent over 13 years in the Asset Management Industry performing strategic and process improvement roles. He started his career as a technology analyst at Invesco Ltd. in 2006 and advanced into various roles including Technology Risk, Controls, Program Management, and Process Improvement with international assignments involving mergers and acquisitions in Hong Kong, U.S.A and Australia. Most recently, he was also a principal contributor to the creation of a Center of Excellence in London, England for Invesco Ltd. Mr. Haji attended The University of Western Ontario and holds a BSc in Computer Science.
Matthew Wood is a mineral resource explorer and developer with over 25 years of global industry experience in mining and commodities investments. He serves as the Chairman of Steppe Gold (TSX:STGO). He was a Founding Chairman of Avanco Resources, which sold in March 2018 for AUD$440 million and Hunnu Coal, which sold for USD$500 million in 2012.
He has managed investment deals in diamonds, coal, energy, ferrous metals, base and precious metals, and other commodities. His unique skills in technical and economic evaluation of resource opportunities have resulted in a record of nurturing resource deals from early stage, to market listings and exit strategies for his investors.
He was formally the founder and executive Chairman of Mongolian coal company, Hunnu Coal Limited. Hunnu Coal was IPO of the year for all sectors on the ASX in 2010, and its sale for approximately A$500M in 2011 to Banpu PCL was recognized as the Mines and Money 2012 Deal of the Year. Mr. Wood has founded and been involved in many other resource companies and investments through the years.
He has extensive experience and many key relationships in Mongolia and was recently awarded the Order of the Polar Star, the highest state honor that can be awarded to a non-citizen of Mongolia.
Tumur-Ochir is a Mongolian citizen and Executive Director of Steppe Gold LLC. At Steppe Gold, he is responsible for new business acquisitions, development and government and community relations. Mr. Tumur-Ochir is also responsible for daily operations in Mongolia. Mr. Tumur-Ochir is currently a director at GCD Mongolia and CEO and executive director of ASX listed Wolf Petroleum.
Under his guidance, Wolf Petroleum was awarded the “Operator of the Year Award” from the Petroleum Authority of Mongolia, and today, Wolf Petroleum is recognized as the fastest-growing petroleum exploration company with the largest petroleum exploration acreage in Mongolia. Mr. Tumur-Ochir holds a bachelor’s degree in business administration and graduate certificates in international business and marketing from Australia and Singapore.
Mr. Tumur-Ochir has strong relationships at all levels of government in Mongolia and was recently appointed independent advisor to the Ministry of Mining and Heavy Industry responsible for foreign investment and promotion.
Aneel Waraich is the EVP and Director of Steppe Gold, Director of Antler Hill Mining Ltd, CEO of Spirit Banner Capital Corp, Founder of ATMA and ATMACORP with experience in investment banking at Dundee.
Waraich is the founder of ATMA Capital Markets and ATMACORP LTD and a financial services professional with progressive experience in both the asset management and corporate finance businesses.
Waraich focuses primarily on advising public and private companies in the Natural Resources sector. In previous roles at Goodman and Company Investment Counsel and Dundee Capital Markets, he worked as an analyst valuing private companies. Most recently Aneel worked as an investment banker focusing on deal origination, going-public transactions and financings for both public and private companies in the resource and technology sectors.
Enkhtuvshin Khishigsuren has over 30 years of Mongolian mineral exploration experience. He has focused his expertise on the precious metals exploration sector resulting in successes for numerous companies. Mr. Khishigsuren spent the first 10-12 years of his career at Central Geological Expedition doing regional geological mapping in various areas of Mongolia, followed by 7 years as senior exploration manager on exploration of precious metal in Mongolia for Harrods Minerals, privately funded exploration company.
Since 2005 he has been running his own company Erdenyn Erel and conducting exploration and consulting services to Western exploration and mining companies. Mr. Khishigsuren has been responsible for identifying targets and properties. His knowledge and experience have resulted in the discovery of several prospective gold and copper deposits in Mongolia; such as the multimillion ounce gold deposit Olon Ovoot, a large molybdenum porphyry deposit Zuun mod and the Shand copper porphyry deposit near Erdenet copper mine.
Mr. McVicar brings more than 30 years of international business experience in Management Consulting and Finance. His previous roles include Consulting Partner at a Big 4 firm, CFO of a TSX-listed company and several regional finance leadership roles with large US and Canadian multinationals in Canada, the US, South America and Asia. Mr. McVicar is a CPA, CA and graduated with an MBA from Duke University and a B. Comm from Queen’s University.
Wendy Li's more than 18 years of extensive commercial and business development experience in Asia, including Mongolia and China, has spanned across commodity branding and trading, supply chain management and asset development. Prior to joining Ion Energy, Ms. Li served as General Manager of International Trade for Noble Resources Ltd and General Manager of Marketing for SouthGobi Resources Ltd. Ms. Li graduated from Wilfrid Laurier University, in Waterloo, Canada with a Bachelor of Arts, Honours in Economic and Financial Management.
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Couloir Capital is pleased to announce it has published a new research note on ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB). The update report is titled, "Maiden Drilling Results for Flagship Project and 2022 Drilling Work Commenced."
Report excerpt: "Off the back of our previous update report, ION has completed its maiden auger drilling program at its flagship project Baavhai Uul, reporting assay results that offer promising indications about the project's lithium potential. In addition, the program uncovered the anomalous presence of copper and nickel at the project, offering further potential for the project to be future supplier to the EV industry. Moving forward, ION has commenced maiden drilling at its other project Urgakh Naran, with early indications pointing to high-grade lithium potential. We expect that positive findings at Urgakh Naran could build upon positive results from the 2021 drilling at Baavhai Uul and build a growth platform for ION to leverage in future exploration."
The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal
Ion Energy Ltd is Mongolia's first lithium brine explorer and developer, with licences spanning a combined landmass of over 100,000 hectares. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.
Couloir Capital Ltd. is an investment research firm comprised of a team of veteran investment professionals dedicated to providing world-class opportunities in the natural resource exploration and development sectors along with real and alternative asset classes and strategies.
For further information, please contact:
Rob Stitt, Managing Director, Couloir Capital Ltd. Email: rstitt@couloircapital.com www.couloircapital.com
Disclosure: Couloir Capital Ltd. and/or affiliated companies hold shares and warrants in ION.
A service agreement exists between the Couloir Capital Ltd. and ION Energy Ltd.
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Ion Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company") is extremely pleased to report that the Company has made a significant lithium brine discovery at its +29,000 hectare 100% owned Urgakh Naran Lithium Project in Mongolia. The brine sample was collected at surface from a shallow pool and assayed 918 mgL Lithium. This is an exceptional early result for the Company and is the highest grade lithium brine known to have ever been collected in Mongolia. This is also in line with lithium brine results from producing operations immediately to the south in China.
"These exceptional early results are extremely exciting for all stakeholders, they reinforce the Company view that high quality lithium brines could be discovered at the Urgakh Naran Lithium Project. We anticipate many more positive updates to the market in the coming months as exploration is ramped up over summer. ION has an active and expanded exploration team on site at Urgakh Naran and exploration is ongoing," said Ali Haji, CEO & Director of ION Energy Ltd.
Figure 1. Location of brine sample collection on one of the salt lakes at Urgakh Naran, showing natural evaporation ponds.
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/6906/123421_f6a76bdfd453596b_002full.jpg
Figure 2. Brine collected on site at Urgakh Naran during ION's exploration program.
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/6906/123421_f6a76bdfd453596b_003full.jpg
Figure 3. Exploration status at Urgakh Naran as at May 9, 2022.
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/6906/123421_f6a76bdfd453596b_004full.jpg
The sample was obtained from a surface evaporation pond indicative of Lithium brine potential at depth. Due to surface evaporation effects, the assay result may not be indicative of lithium grade at depth but is highly encouraging. A series of targeted holes is planned to test brine potential at depth upon completion of the current geophysical and shallow auger hole program.
The Company has now completed all 72 auger drill holes for a total of 820.5 metres and 427 geochemical samples including brine samples. Samples have now all been submitted for lithium analysis. In addition, Ion Energy has completed seven of the eight planned TEM Geophysical lines for a total of 88 line kms. TEM is being utilised to further outline the extensive and widespread accumulations of brines across the project. Initial data is currently being assessed and interpreted by the Company and its geophysical consultant.
All technical information disclosed in this press release has been reviewed and approved by Khurelbaatar Lamzav, P.Geo., an independent consultant to the Company and a "Qualified Person" under National Instrument 43-101.
ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing Mongolia's lithium salars. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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Ion Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company") is excited to provide an extensive operational and exploration update on the heels of the site visits in Mongolia in late April, to our Baavhai Uul and Urgakh Naran projects:
+81,000 hectare Baavhai Uul flagship project has shown ~25% lithium anomalies thusfar, as further drilling results are pending; and
Results from core brine sampling are expected from our +29,000 hectare Urgakh Naran sala: sampling was collected from the surface, with five of eight Transient Electromagnetic (TEM) lines completed with 53 auger holes to a depth of 12m,2m after the water table or basement; whichever was arrived at first. Auger holes are being sampled every 2m and are bailed a minimum of twice, 24 hours after being drilled before collecting brine samples.
Following the recent site visits to the 100%-owned Baavhai Uul and Urgakh Naran projects, conducted by our CEO, Ali Haji, ION Director, Enkhtuvshin Khishigsuren, Don Hains, P.Geo, MBA, Lead Technical Advisor, and Dr. Mark King, PhD, P.Geo,ION is pleased to share that exploration programs have advanced and results from both brine collected and core samples are expected in the coming weeks.
ION's CEO, Ali Haji, commented, "I would like to thank Mark and Don for joining this strategic visit, and am excited to be building a critical Lithium supply, with these foremost global industry experts by our side. Having their on-the-ground insight was invaluable from a training perspective for our in-country exploration team, and further reinforced the potential of our highly prospective, world-class assets. We are encouraged by the prospect of Baavhai Uul's pending additional drilling results and Urgakh Naran's current sampling."
ION's technical advisor, Dr. Mark King shared his observations: "I visited Mongolia from April 19-24, 2022 for the purpose of reviewing ION's lithium brine exploration assets, located in the Gobi Desert in southern Mongolia. Though the UN site's program is at an early stage, with TEM geophysics and shallow auger sampling just under way, the geology and morphology of the property is highly prospective, with some parallels to Nevada playa basins and South American salars. It was heartening to see some artisanal salt harvesting in the surface evaporite layers, contained in the low-lying dry ponds and lakes: a good indication of brine presence.
In my first foray into Mongolia, it was evident that the jurisdiction has a very positive view of responsible mining and exploration projects. And my interaction with the in-country ION exploration crew demonstrates that Mongolia has a highly-skilled mining workforce, with well-trained geologists and hydrogeologists to support such projects. I look forward to the upcoming results from both of Ion Energy's sites."
Ion Energy looks forward to providing regular exploration program updates with the market, in the coming weeks. In the meantime, our team has prepared this video to share in the excitement of our recent visit.
Figure 1. Aerial image of two salt flats in the Urgakh Naran Basin.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/6906/122500_a8b456b9e4e36ab8_001full.jpg
Figure 2. Exploration Camp at Urgakh Naran. To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/6906/122500_fig2.jpg
Figure 3. Natural Evaporation Ponds on one of the salt basins at Urgakh Naran.
To view an enhanced version of Figure 3, please visit: https://orders.newsfilecorp.com/files/6906/122500_a8b456b9e4e36ab8_003full.jpg
Figure 4. Brine collected on site at Urgakh Naran during site visit for assay.
To view an enhanced version of Figure 4, please visit: https://orders.newsfilecorp.com/files/6906/122500_a8b456b9e4e36ab8_004full.jpg
Figure 5. Senior Technical team: Enkhtuvshin Khishigsuren, Mark King, PhD, PGeo., and Don Hains, P.Geo, MBA with CEO, Ali Haji on site at Urgakh Naran.
To view an enhanced version of Figure 5, please visit: https://orders.newsfilecorp.com/files/6906/122500_a8b456b9e4e36ab8_005full.jpg
Figure 6. Exploration status at Urgakh Naran as at April 30, 2022.
To view an enhanced version of Figure 6, please visit: https://orders.newsfilecorp.com/files/6906/122500_a8b456b9e4e36ab8_006full.jpg
Results from the maiden auger exploration program have now been obtained for the entire licence. The Company looks forward to the results from the infill program. Given the scale of this licence, we are encouraged by the grades being seen in and around the White Wolf Prospect.
Figure 7. Baavhai Uul results and exploration status map.
To view an enhanced version of Figure 7, please visit: https://orders.newsfilecorp.com/files/6906/122500_a8b456b9e4e36ab8_007full.jpg
All technical information disclosed in this press release has been reviewed and approved by Khurelbaatar Lamzav, P.Geo., an independent consultant to the Company and a "Qualified Person" under National Instrument 43-101.
The Company also announces that it has granted to certain consultants and insiders of the Company, 165,000 options an aggregate of 165,000 incentive stock options (the "Stock Options") to purchase common shares under the Company's incentive stock option plan (the "Plan"). Each Stock Option is exercisable into a common share of the Company at a price of $0.605 for a period of two years from the date of grant. The Stock Options will vest immediately and be subject to the terms and conditions of the Plan and the policies of the TSX Venture Exchange.
ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing Mongolia's lithium salars. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, +1 647-871-4571
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, + 1 416-432-4920
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122500
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Ion Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) ("ION" or the "Company") is excited to provide an operational update, while our team conducts site visits in Mongolia.
Ion Energy's CEO, Ali Haji, is in Mongolia for strategic site visits from April 16th to 26th, in anticipation of sharing plans with the market for our pending drilling programs. He will be accompanied by senior technical team members, including: ION Director, Enkhtuvshin Khishigsuren, with 30 years of Mongolian mineral discovery experience, Don Hains, P.Geo, MBA, Lead Technical Advisor, and Dr. Mark King, PhD, PGeo.
"Now that borders are fully open, I'm delighted to have foremost industry experts see our projects firsthand and work with our Mongolian team to kick off the next phase of our fully-funded exploration programs. Our preliminary results have reinforced the long-term lithium potential at our Baavhai Uul project and Urgakh Naran projects, as we strive to play a pivotal role in Asia's battery metals supply hub. I'm really excited to provide updates from Mongolia, over the coming days," says Ali Haji, CEO & Director of ION Energy Ltd.
This visit also provides ION's CEO the opportunity to personally thank the dedicated exploration team members for their commitment and flexibility since the onset of the pandemic, in furthering our maiden drilling program at the flagship Baavhai Uul lithium brine site, while keeping each other safe and healthy.
This in-country visit is a significant milestone for Ion Energy, after two years of pandemic-related delays and border closures. The following highlights how the Company plans to advance each of these programs:
Figure 1. Baavhai Uul and Urgakh Naran Projects' Site Visit.
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/6906/120728_2e5ccbe094873a90_002full.jpg
Figure 2. Urgakh Naran 2022 Exploration Plans: Already Commenced
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/6906/120728_2e5ccbe094873a90_003full.jpg
"Live from Mongolia": 15 minute Shareholder Summit - April 25th:
Save the Date, and Join Us on April 25th at 8:30 am EST.
Ion Energy's CEO will provide a quick update following the site visits, and you'll have an opportunity to ask him questions about our next key milestones. Register HERE.
ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing Mongolia's lithium salars. ION's flagship, 81,000+ hectare Baavhai Uul lithium brine project, represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Important factors that could cause actual results to differ materially from Ion Energy's expectations include, among others, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120728
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Jourdan Resources Inc. (TSXV: JOR; OTCQB: JORF, FRA:2JR1) (" Jourdan " or the " Company ") is pleased to announce that as a result of increased investor demand the Company is increasing its previously announced private placement financing (the " Initial Offering ") of common shares issued on a flow-through basis (the " Flow-Through Shares ") from up to 10,000,000 Flow-Through Shares to up to 14,000,000 Flow-Through Shares at a price of $0.10 per Flow-Through Share, for aggregate gross proceeds from the issuance of both units and Flow-Through Shares of up to $2.4 million (the " Upsized Offering "). For more information about the Initial Offering and details of the units to be issued thereunder, please see the Company's press release dated June 29, 2022, which is available under the Company's SEDAR profile at www.sedar.com.
Closing of the Upsized Offering is expected to occur by the end of July 2022. All securities issued in connection with the Upsized Offering will be subject to a statutory hold period of four-months and one day. Completion of the Upsized Offering is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange (" TSXV ") approval. Finder's fees may be paid to eligible finders in accordance with the policies of the TSXV consisting of a cash commission equal to up to 9% of the gross proceeds raised under the Upsized Offering and finder warrants (" Finder Warrants ") in an amount equal to up to 9% of the number of Units and Flow-Through Shares sold pursuant to the Upsized Offering. Each Finder Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per share for a period of 24 months following the closing date of the Upsized Offering. The Company intends to use the net proceeds from the issuance of the Units and the Flow-Through Shares for working capital and general corporate purposes and to fund exploration expenditures on its Vallee, Preissac-La Corne, and Baillargé lithium mining properties.
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol "JOR" on the TSX Venture Exchange and "2JR1" on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company's properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium's producing Quebec Lithium Mine.
www.jourdaninc.com Rene Bharti, Chief Executive Officer and President Email: info@jourdaninc.com Phone: (416) 861-5800
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Upsized Offering, including the Company's intended use of proceeds, closing conditions and timing and other matters relating thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Jourdan to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the receipt of financing by way of a secured line of credit facility in the amount of up to USD$2 million (the "Line of Credit"). Proceeds from the Line of Credit will primarily be used to continue the development of the Company's RapidSXTM Rare Earth Element ("REE") Commercial Demonstration Plant ("Demo Plant"), currently scheduled for commissioning in Q4 of 2022, as detailed in the Company's July 12, 2022 news release.
The Line of Credit has been extended by Orca Holdings, LLC ("Orca"). In consideration for granting the Line of Credit and subject to the approval of the TSX Venture Exchange, two million warrants ("Warrants") will be issued to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a one-year term ending on July 20, 2023. On July 21, 2022, the Company applied to the TSXV for the exchange's approval of the issuance of the Warrants.
"Ucore is committed to its REE commercialization pathway and is very appreciative of Orca's continued financial support as we rapidly approach the commercial demonstration of our RapidSX™ technology through the Demo Plant," stated Pat Ryan, P.Eng., Ucore Chairman and CEO. "As noted in January 2022, Ucore is already working towards developing the funding required to build its first Strategic Metals Complex (SMC) primarily through non-dilutive funding sources. These include debt financing opportunities through government-supported loan programs and prospective advance payment & supply offtake agreements with Western electric vehicle manufacturers and other downstream customers of the SMCs."
Drawdowns on the Line of Credit will be available in multiples of USD$100,000 and carry interest at a rate of 9% per annum. All amounts owing under the Line of Credit will be repayable by maturity, which is six months from the execution date (January 20, 2023), unless such repayment is accelerated due to the Company's completion of additional financing on terms acceptable to the Company and the investor(s). The Line of Credit is secured by a General Security Agreement over the assets of the Company.
Orca is wholly owned by Mr. Randy Johnson, a member of Ucore's Board of Directors. The transaction is considered a related party transaction within the meaning of Multilateral Instrument 61-01 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceeds 25% of the value of the subject matter of the transaction, nor the consideration paid, exceeds 25% of the Company's market capitalization. No new insiders and no control persons were created in connection with the closing of the transaction. The transaction was reviewed and unanimously approved by the Company's Board of Directors. No special committee was created to negotiate, review and approve the Line of Credit agreement; rather, the agreement was negotiated by the Company with Mr. Johnson declaring his conflict and abstaining from the Board of Directors' deliberations. No cash consideration was paid pursuant to the extension of the Line of Credit, and no commissions or similar fees were paid to any person. This news release and the related material change report are being issued and filed on SEDAR less than 21 days before the date of the Line of Credit agreement and the expected closing of the issuance of the Warrants and the drawdown of the initial tranche from the Line of Credit since the Company was considering and reviewing financing alternates and the Company eventually selected the least dilutive and most current-shareholder-friendly financing transaction from the alternatives available, which was the Line of Credit, the terms of which were not settled and confirmed by Orca until July 20, 2022.
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, Ucore's vision includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
IMC developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, approvals or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
Regarding the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complex ("SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMC and/or the continued development of RapidSX; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 mark@ucore.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131533
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Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Metals & Mining Virtual Investor Conference to be held on Wednesday, July 27 th and Thursday, July 28 th .
Individual investors, institutional investors, advisors, and analysts are invited to attend this two-day virtual event showcasing live company presentations discussing their property positions, development schedules, market opportunity and investment highlights.
REGISTER NOW AT : https://bit.ly/3ocFpdy It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations and schedule 1x1 meetings with management.
"We are excited to host the upcoming two-day Metals and Mining Virtual Investor Conference, in conjunction with our newest sponsor Socialsuite," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. This event will feature more than 25 companies in the space as well as a keynote presentation from Seth Forman, President of Socialsuite, entitled: "ESG for Metals & Mining: How to get started fast."
"We're excited to participate in the Metals and Mining Virtual Investor Conference. Starting the ESG journey can be challenging for small to mid cap companies and we want to help them navigate those challenges in a sustainable, yet efficient way, said Seth Forman President of ESG at Socialsuite. I look forward to sharing the lessons our customers have learnt and how Socialsuite can help companies get started with ESG, fast."
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact: John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Metals & Mining Virtual Investor Conference to be held on Wednesday, July 27 th and Thursday, July 28 th .
Individual investors, institutional investors, advisors, and analysts are invited to attend this two-day virtual event showcasing live company presentations discussing their property positions, development schedules, market opportunity and investment highlights.
REGISTER NOW AT : https://bit.ly/3ocFpdy It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations and schedule 1x1 meetings with management.
"We are excited to host the upcoming two-day Metals and Mining Virtual Investor Conference, in conjunction with our newest sponsor Socialsuite," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. This event will feature more than 25 companies in the space as well as a keynote presentation from Seth Forman, President of Socialsuite, entitled: "ESG for Metals & Mining: How to get started fast."
"We're excited to participate in the Metals and Mining Virtual Investor Conference. Starting the ESG journey can be challenging for small to mid cap companies and we want to help them navigate those challenges in a sustainable, yet efficient way, said Seth Forman President of ESG at Socialsuite. I look forward to sharing the lessons our customers have learnt and how Socialsuite can help companies get started with ESG, fast."
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact: John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
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TinOne Resources Inc. (TSXV: TORC) (" TinOne " or the " Company ") announces amended terms to its non-brokered private placement financing (the " Financing "), previously announced on July 12 2022. Given current market conditions, the Company has made a decision to amend the purchase price to C$0.10 per Unit (the " Unit "). Each Unit is comprised of one common share of the Company and one common share purchase warrant (the " Warrant ") of the Company. Each Warrant will entitle the holder to purchase one common share of the Company at an exercise price of C$0.20 for a period of 36 months following the closing date of the Financing.
In connection with the Financing, the Company may pay finder's fees up to 6% cash and up to 6% in finder's warrants to eligible finders. Closing of the Financing is subject to receipt of all necessary approvals, including that of the Board of Directors and the TSX Venture Exchange. All securities issued in connection with the Financing will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada .
The subscription by insiders pursuant to the Financing is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization.
Proceeds from the Financing will be used for exploration and working capital purposes.
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of tin projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales, Australia . The Company is focused on advancing its highly prospective portfolio while also evaluating additional tin opportunities. TinOne is supported by Inventa Capital Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward‐looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward‐looking statements or information. These forward‐looking statements or information relate to, among other things: the development of the Company's projects, including drilling programs and mobilization of drill rigs; future mineral exploration, development and production; the release of drilling results; and completion of a drilling program.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential for TinOne and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; TinOne's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect TinOne's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and TinOne has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on early stage mineral projects; metal price volatility; risks associated with the conduct of the Company's mining activities in Australia ; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in TinOne's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although TinOne has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation, to update these forward‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
View original content: http://www.newswire.ca/en/releases/archive/July2022/21/c3368.html
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Argentina Lithium & Energy Corp. (TSX-V: LIT) (FSE: OAY3) (OTC: PNXLF) ("Argentina Lithium" or the "Company") is pleased to announce that it has won the public tender to purchase 100% interest of the Rinconcita II mining concession area (" Rinconcita II " or the " Property ") located on the Salar de Rincon in Salta Province Argentina from provincially-owned company Recursos Energéticos y Mineros Salta S.A. (" REMSA "). The Property consists of 460.5 ha of salt flat, located adjacent to and east of Argentina Lithium's Rincon West property, and located adjacent to and west of Rincon Mining's Rincon Project, which was purchased by Rio Tinto earlier this year.
"Our team identified the Salar de Rincon as an area of exceptional potential in 2021, leading to our initial property acquisition at Rincon West. Our positive drill results announced on July 13, 2022 have validated this confidence. The acquisition of Rinconcita II is a major step to add prime salt flat holdings to one of our leading projects. Our management team is looking forward to working with the Province to advance this project through exploration to assess its resource and production potential," stated Nikolaos Cacos , President and CEO.
The Salar de Rincon is located within the Lithium Triangle of northwest Argentina . Historic work on the salt flat has determined that this is a mature salar with potential for lithium and potash resources. The Rinconcita II concession is road accessible from the local towns of Olacapato and Estacion de Pocitos. An international highway and major electrical power corridor are located 26 km northeast of the Property. A railhead and natural gas pipeline are located 34 km southeast of the property.
There has been no significant historical exploration work on the Rinconcita II property. The Property was not sampled by Argentina Lithium prior to the bidding process, although Argentina Lithium is currently drilling on its adjacent optioned property at Rincon West (see Figure 1 map, mining concession Villanoveño II ). Argentina Lithium has also acquired the additional mining concession Demasia Villanoveño II (20.5 ha) through applications presented at the Salta mining authority.
To ensure that the Company has sufficient funds to complete the acquisition and for working capital, Argentina Lithium also announces a part and parcel non-brokered private placement financing of up to 12,500,000 units at a price of $0.20 per unit (the " Units ") for gross proceeds of $2,500,000 .
Each Unit will consist of one common share and one transferrable common share purchase warrant (a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.38 per share for two (2) years from the date of issue.
This financing is subject to TSX Venture Exchange (" TSXV ") acceptance and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the Company may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds of the financing will be used in part to complete the acquisition. The balance will be used for general working capital and exploration on its properties in Argentina .
The acquisition of the property is also subject to TSXV acceptance.
David Terry , Ph.D., P.Geo. is the Company's Qualified Person as defined in National Instrument 43-101. The contents of this news release have been reviewed and approved by Dr. Terry.
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them toward production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Nikolaos Cacos, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States .
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SOURCE Argentina Lithium & Energy Corp.
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