Legacy Lithium Announces Proposed Sale of Green Energy Project
18 July 2023 - 6:34AM
Legacy Lithium Corp. (the
“
Company” or “
Legacy”) is pleased
to announce that its wholly-owned subsidiary, Legacy Lithium (Utah)
LLC (the “
Subsidiary”) has entered into a
definitive agreement to sell 100% of its interest in the mineral
properties comprising the Green Energy Project, located in Grand
County, Utah (the “
Property”) (the
“
Transaction”).
The Subsidiary is selling its interest in the
Green Energy Project to Anson Resources Limited (ASX:ASN)
(“Anson”) in exchange for USD$1,000,000 in cash,
15,060,981 Anson common shares (the “Consideration
Shares”), and reimbursement of certain fees and costs
payable to the Bureau of Land Management in connection with the
Property. One-eighth (1/8) of the Consideration Shares will be
issued on closing of the Transaction (“Closing”),
with the remainder of the Consideration shares being subject to an
escrow arrangement whereby one-quarter (1/4) of such shares will be
released from escrow every six (6) months after Closing.
The Transaction is subject to the approval of
Legacy shareholders (“Legacy Shareholders”), to be
obtained at a special meeting of Legacy Shareholders (the
“Meeting”), the Australian Securities Exchange and
customary closing conditions. Additional details of the Transaction
will be set forth in the information circular prepared by the
Company in connection with the Meeting.
About Legacy Lithium Corp.
Legacy Lithium Corp. is an exploration stage
company engaged principally in the acquisition, exploration and
development of mineral properties containing battery metals in
North America.
On Behalf of the Board of
DirectorsJason LatkowcerCEO & Director
ContactPhone: (604) 294 3020Email:
jason@legacylithiumcorp.com
Forward-Looking Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information in this news release relate to future
events or future performance and reflect current estimates,
predictions, expectations or beliefs regarding future events and
include, but are not limited to, statements with respect to: the
completion of the Transaction, receipt of shareholder approval of
Legacy Shareholders at the Meeting, details of the Transaction to
be set forth in the management information circular prepared in
respect of the Meeting, receipt of Australian Securities Exchange
approval and consideration to be received by Subsidiary, including,
without limitation the amount of the reimbursed expenses and the
timing of escrow release of the Consideration Shares. All
forward-looking information is based on the Company's current
beliefs as well as various assumptions made by it and information
currently available to it. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements and
assumptions and estimates have been made and based on or related to
many of these factors. Such factors include, without limitation:
general market conditions; the Company’s ability to obtain
shareholder approval in respect of the Transaction; Anson’s ability
to obtain Australian Securities Exchange Approval in respect of the
Transaction, uncertainty with respect to the completion of the
Transaction, the Company’s business activities following completion
of the Transaction. Except as required by law, the Company
expressly disclaims any obligation and does not intend to update
any forward-looking statements or forward-looking information in
this news release. Although the Company believes that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. The statements in this news release are made
as of the date of this release.
Anson Resources (ASX:ASN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Anson Resources (ASX:ASN)
Historical Stock Chart
From Oct 2023 to Oct 2024