Spod Lithium Corp. Closes Acquisition of North Nipigon Lithium Project in Ontario
Vancouver, B.C. – November 25, 2022 – SPOD LITHIUM CORP. (“SPOD” or the “Company”) (CSE: SPOD) is pleased to announce that it has closed its previously announced acquisition of the North Nipigon exploration property (the “Property”) pursuant to a property purchase agreement dated as of November 16, 2022 (the “Agreement”) with arm’s length vendors (the “Sellers”)(see the Company’s news release dated November 17, 2024 for further details).
Pursuant to the Agreement, SPOD acquired the Sellers’ undivided 100% interest in and to the Property by making an aggregate cash payment of $65,000 and by issuing an aggregate of 4,000,000 Class A common shares of SPOD (each, a “Share”) to the Sellers. The Shares issued under the Agreement are subject to a four month hold period pursuant to applicable securities laws which will expire on March 25, 2022. The Property is subject to a 2% net smelter return royalty in favour of the Sellers. The parties intend to negotiate and execute a royalty agreement within six months.
About the Company
Spod Lithium Corp. is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals. For further information, please refer to the Company's disclosure record on SEDAR (www.sedar.com) or contact the Company by email at [email protected] or by telephone at 604.307.8290.
On Behalf of the Board of Directors
Chris Cooper Chief Executive Officer 604.307.8290
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.