- A.I.S. Resources Limited (AIS) granted a nine-month option to C29 Metals Limited to explore the Pocitos 7 and 9 licences for lithium at the Pocitos Salar in Argentina
- This completes the commercial agreements for all the exploration licences AIS optioned from Ekeko SA in 2021 on the Pocitos Salar
- The total potential option fees come to USD$430,000 if both licences are purchased
- US$2.38 million was paid by C29 for an 80 per cent interest in both licences
- C29 retained the right to buy out AIS’s 20 per cent interest
- Resources Limited (AIS) is up 12.29 per cent, trading at $0.04 per share at 2:29 p.m. ET
AIS Resources Limited (AIS) granted an option to C29 Metals Limited to explore the Pocitos 7 and 9 licences at the Pocitos Salar in Argentina.
This completes the commercial agreements for all the exploration licences AIS optioned from Ekeko SA in 2021 on the Pocitos Salar.
A US$25,000 first option fee per exploration licence is owed once the contract has been signed. AIS provided the current environmental report to C29 and received the first option fee of US$50,000.
A US$115,000 second option fee per exploration licence will be owed 30 days after the date the first option fee was paid for each property. This option entitled C29 to undertake a technical evaluation of the properties until March 30, 2023.
A US$75,000 third option fee per licence will be paid after the technical evaluation is completed, which is around March 30, 2023.
The total potential option fees come to USD$430,000 if both licences are purchased.
US$2.38 million was paid by C29 for an 80 per cent interest in both licences, which is owed on June 30, 2023. AIS retained a 20 per cent interest on both licences.
C29 retained the right to buy out AIS’s 20 per cent interest at a price determined by the FOB lithium carbonate price multiplied by 2.00 per cent of the indicated and measured resource and 0.50 per cent of the inferred resource of the contained lithium carbonate equivalent.
A.I.S. Resources Limited (AIS) is up 12.29 per cent, trading at $0.04 per share at 2:29 p.m. ET.
