Lithium Chile (TSX.V: LITH) (OTC: LTMCF) this morning announced that it has entered into a memorandum of understanding (“MOU”) with Prosper One International Holdings Company Limited, a Hong Kong Stock Exchange listed company. Among other highlights of the MOU, the two companies will enter into a Joint Venture (“JV”) agreement in which Prosper One may earn a 55% interest in Lithium Chile’s Pintadas Norte project in Chile by incurring $3,000,000 of staged exploration costs on or before December 31, 2021. Prosper One is also required to make a $1,000,000 equity investment in Lithium Chile at a minimum price of $1.00 per share. As the operator of the exploration programs for the Pintadas Norte project, Lithium Chile will receive a management fee from Prosper One equal to 17.5% of the expenses of the exploration programs. If a definitive agreement is not signed, a $250,000 break fee will be payable to Lithium Chile by Prosper One. “We are pleased to have reached this agreement with Prosper One which accelerates our ability to unlock the potential of our dominant land package in Chile. Essentially, we are combining our technical expertise and Chilean experience with Prosper One’s financial acumen and support to explore our highly prospective Pintadas Norte project in the coastal region of Chile. We look forward to a mutually rewarding working relationship,” Lithium Chile president and CEO Steve Cochrane stated in the news release.
To view the full press release, visit http://ibn.fm/SAyz3
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 152,900 hectares covering sections of 14 salars and one laguna complex in Chile. The properties include 64 square kilometers on the Salar de Atacama, which hosts the world’s highest concentration lithium brine production and is currently the source of approximately 30 percent of the world’s lithium production. Lithium Chile’s common shares are listed on the TSX.V under the symbol “LITH” and on the OTCQB under the symbol “LTMCF”. For more information, visit http://ibn.fm/LTMCF
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