Live Energy Minerals Announces Amending Agreement with US Critical Metals for McDermitt East Lithium Project
Live Energy Minerals Corp. (CSE: LIVE) (OTC: GTREF) announced an amending agreement with US Critical Metals Corp. (CSE: USCM) and its subsidiary US Energy Metals Inc., amending the Exploration and Option to Enter Joint Venture Agreement dated 15 September 2023 relating to the McDermitt East Lithium Project.
The amendment replaces the earn-in obligations, payments and joint venture provisions of the original agreement with a two-stage acquisition structure:
Payment I — initial acquisition, 50% interest
- C$25,000 in cash, payable within 10 business days of execution; and
- 1,283,000 common shares of USCM issued to Lithium Valley Holdings Corp. / Live Energy Minerals Corp., in exchange for 50% of the project, within 10 business days of execution.
Payment II — final acquisition, remaining 50% interest
- C$25,000 in cash, payable within six months of signing; and
- C$500,000, payable in USCM common shares, cash, or a combination, at USCM’s election, within 24 months of signing.
Upon completion of Payment I and Payment II, USCM/USEM will have earned and vested a 100% interest in the project, subject only to the royalty below.
Royalty
Lithium Valley Holdings Corp. / Live Energy Minerals Corp. retains a 2% net smelter returns royalty on production from the project. USCM/USEM has the right to buy back 1% of the royalty, in whole or in part, for C$1,000,000.
Source: original announcement
Live Energy Minerals Corp.
Adrian Smith, Chief Executive Officer
info@liveenergyminerals.com · 604-687-2038
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.