Spod Lithium Corp. Options Golden Moon Property to Private Company
Vancouver, B.C. – October 26, 2022 – SPOD LITHIUM CORP. (“Spod” or the “Company”) (CSE: SPOD) is pleased to announce that it has executed a property option agreement dated October 26, 2022 (the “Agreement”) with GIA Resources Inc. (“GIA”), a private British Columbia company, pursuant to which Spod has granted GIA an option to earn a 100% interest in Spod’s Golden Moon Property, subject to the underlying NSRs on the property. The Golden Moon Property is comprised of 10 mineral claims covering approximately 378 hectares in the Province of Quebec.
To earn a 100% interest in the property, GIA is required to make aggregate exploration expenditures of $450,000 on the property ($100,000 on or before October 31, 2023; an aggregate of $250,000 on or before October 31, 2024; and an aggregate of $450,000 on or before October 31, 2025) and to issue an aggregate of 1,700,000 common shares to Spod (250,000 shares within 10 days of execution of the Agreement; an additional 300,000 shares on or before October 31, 2023; an additional 500,000 shares on or before October 31, 2024; and an additional 650,000 shares on or before October 31, 2025). GIA has the right to accelerate the exploration expenditures and share issuances and is entitled to make cash payments to Spod in lieu of incurring the exploration expenditures.
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. The Company’s flagship assets are its Lithium properties located in the James Bay reqion of Quebec, Canada. For further information, please refer to the Company's disclosure record on SEDAR (www.sedar.com) or contact the Company through its website at www.spodlithiumcorp.com 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.
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