VANCOUVER, BC / ACCESSWIRE / December 2, 2016 / Standard Lithium Ltd. (TSX-V: SLL)("Standard Lithium" or the "Company") announces that it has entered into a letter of intent dated December 1, 2016 with Moab Minerals Corp. ("Moab"), a private British Columbia company. Pursuant to the letter of intent, the Company will acquire the issued and outstanding common shares of Moab on a share exchange basis, the terms of which have not been determined. Moab's assets are its interests in certain mining claims located in Utah (the "Claims"), and liabilities are the corresponding obligations in regards to the Claims. The Claims are more particularly described as up to 3,000 claims in San Juan County, Utah, that are prospective for lithium. Any acquisition of Moab and/or the Claims pursuant to the letter of intent is subject to numerous conditions precedent, including but not limited to: the negotiation and completion of a definitive agreement, completion of satisfactory due diligence in regards to the Claims, receipt of all required approvals and more specifically the approval of the TSX Venture Exchange.
In addition, the Company is pleased to announce a proposed private placement of common shares ("Shares") for gross proceeds of up to $5,000,000 at a price of $0.25 per Share (the "Private Placement"). Net proceeds from the Private Placement will be used for the identification and evaluation of potential lithium asset opportunities in North America, possible staking of claims if warranted, for an expanded work program on the Mojave property, as well as for general working capital.
Completion of the Private Placement is subject to TSX Venture Exchange acceptance and Shares issued will be subject to a 4 month hold period.
On behalf of the board of
STANDARD LITHIUM LTD.
Per: "Gavin Cooper"
Gavin Cooper
President and Director
For further information please contact Gavin Cooper at:
Telephone: (604) 639-9051
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Disclaimer for Forward-Looking Information:
Certain statements in this news release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. In this release such statements include but are not limited to, any potential acquisition of Moab or the Claims, the proposed Private Placement including the size and pricing thereof, and the intended use of net proceeds. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates, and assumptions which may prove to be incorrect.
STANDARD LITHIUM LTD.
918 - 1030 West Georgia Street
Vancouver, BC V6E 2Y3
SOURCE: Standard Lithium Ltd.