Current Report Filing (8-k)
26 January 2023 - 8:46AM
Edgar (US Regulatory)
0001540684
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0001540684
2023-01-19
2023-01-19
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xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 19, 2023
ATLAS
LITHIUM CORPORATION
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-41552 |
|
39-2078861 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
Number) |
Rua
Bahia, 2463, Suite 205
Belo
Horizonte, MG 30160-012, Brazil
(Address
of principal executive offices, including zip code)
(833)
661-7900
(Registrant’s
telephone number, including area code)
Not
applicable
(Former
address if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Our
disclosure and analysis in this Current Report on Form 8-K for Atlas Lithium Corporation (the “Company”) contains some forward-looking
statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words
such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates”
and similar expressions are forward-looking statements. Although we believe that these statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties.
Investors
are cautioned that our forward-looking statements are not guarantees of future performance and the actual results or developments may
differ materially from the expectations expressed in the forward-looking statements.
As
for the forward-looking statements that relate to future financial results and other projections, actual results will be different due
to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than projected. Given these uncertainties,
you should not place any reliance on these forward-looking statements. These forward-looking statements also represent our estimates
and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements,
and the estimates and assumptions associated with them, after the date of this filing to reflect events or changes in circumstances or
changes in expectations or the occurrence of anticipated events.
You
are advised to consult any additional disclosures we make in our reports on Form 10-K, Form 10-Q, Form 8-K, or their successors. Other
factors besides those discussed in this Current Report could also adversely affect us.
Item
1.01. Entry into a Material Definitive Agreement
On
January 19, 2023, the Company consummated a transaction in which it acquired five lithium mineral rights (the “Mineral Rights”)
totaling 1,090.88 hectares (~ 2,696 acres) owned by an unrelated Brazilian mining enterprise pursuant to a Mineral Rights Purchase
Agreement (the “Acquisition Agreement”). The Mineral Rights are located in the municipalities of Araçuaí
and Itinga, in a region known as “Lithium Valley” in the state of Minas Gerais in Brazil. The Company’s technical
team studied the Mineral Rights and believes that they hold potential for lithium-bearing mineralization. The Company has reasons
to believe that the acquisition of the Mineral Rights was part of a competitive process.
The
Company’s obligations under the Acquisition Agreement are:
a) |
Payment
of $400,000, which payment took place on January 19, 2023, and issuance of $750,000 worth of restricted shares of common stock
of the Company; |
|
|
b) |
Payment
of $100,000 for each of the five areas comprising the Mineral Rights to be made upon the publication in the official gazette
of the government of the title transfer of each such area to the Company; |
|
|
c) |
For
each of the five areas comprising the Mineral Rights, 30 days after the payment described in item b above, the initiation
of ten monthly payments of $22,000; |
|
|
d) |
If
the Mineral Rights eventually yield at least five million tons of spodumene (a lithium-bearing mineral) containing at least an
average of 1.3% Li2O, as determined by a technical report prepared by an
independent consulting firm pursuant to the requirements of Item 1300 through Item 1305
of Regulation S-K (“SK1300 Report”), then an additional payment of 10
monthly installments of $10,000 and an additional issuance of $500,000 worth of restricted shares of common stock of the Company are
to be made; |
|
|
e) |
If
the Mineral Rights eventually yield at least 10 million tons of spodumene containing at least an average of 1.3% Li2O,
as determined by an SK1300 Report, then an additional payment of 10 monthly installments of $10,000 and an additional issuance
of $500,000 worth of restricted shares of common stock of the Company are to be made; and |
|
|
f) |
If
the Mineral Rights eventually yield more than 10 million tons of spodumene containing at least an average of 1.3% Li2O,
as determined by an SK1300 Report, then a payment of $0.20 per each ton above 10 million tons is to be made. |
Item
3.02. Unregistered Sales of Equity Securities
The
shares of common stock referred to herein will be issued without registration pursuant to an exemption afforded under Section 4(a)(2)
of the Securities Act of 1933, as amended.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
|
ATLAS
LITHIUM CORPORATION |
|
|
|
Dated:
January 25, 2023 |
By: |
/s/
Marc Fogassa |
|
Name: |
Marc
Fogassa |
|
Title: |
Chief
Executive Officer |
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