Vancouver, BC (FSCwire) - Voltaic Minerals Corp. (TSXV: VLT, OTC: VTCCF, FSE: 2P61) (the “Company” or “Voltaic”) is pleased to announce that it has received 1,000,000 shares issued at a deemed price of 7 cents per share of Macarthur Minerals Limited, being the final payment for the sale of the Company’s Stonewall Lithium Brine Project (“Stonewall Project”), located in Lida Valley, Nevada. The Lida Valley is the basin adjacent to the Clayton Valley, which hosts North America’s only producing lithium mine, Albemarle’s Silver Peak Lithium Mine.
ACQUISITION AGREEMENT
On October 20, 2016, Macarthur Minerals through its wholly owned US subsidiary Macarthur Lithium Nevada Limited, entered into an Assignment Agreement with Voltaic to acquire the Stonewall Project on the following key terms:
- Macarthur Minerals previously issued 2 million ordinary shares to Voltaic at a deemed price of 10 cents per share, on 20 October 2016; and
- Payment to Voltaic of US$50,000 within 6 months
On July 6, 2017, the Assignment Agreement was varied such that, in lieu of the cash payment of US$50,000 to Voltaic, Macarthur Minerals Limited would issue to Voltaic 1,000,000 shares by July 31, 2017. Those shares have now been issued to Voltaic and providing Voltaic with an opportunity to participate in any success Macarthur Minerals might achieve with the Stonewall Project indirectly through its ownership of Macarthur shares.
About Voltaic Minerals
Voltaic Minerals Corp. is a Vancouver-based Lithium exploration company which owns 100% of the Green Energy Lithium Project that encompasses 4,160 acres of Bureau of Land Management (BLM) claims and is in Grand County, 15 km west of the city of Moab, Utah. Lithium and other minerals occur at the property in an over-saturated brine (40% minerals, 60% water) discovered during historic oil exploration when drill wells intercepted Clastic Bed #14 of the Paradox formation.
