ELKO, NV / ACCESSWIRE / February 11, 2020 / Lithium Corporation (OTCQB:LTUM) ("LTUM" or "the Company"), a North American company focused on energy metals for the growing energy storage sector and high tech industries, is pleased to announce the Company's 25% owned subsidiary Summa, LLC (Summa) recently signed a Letter of Intent with 1237025 BC Ltd, and its subsidiary 1237025 Nevada Inc., (collectively 123) wherein 123 can earn a 100% interest in Summa's property here, subject to a 0.50% Net Smelter Revenue interest by issuing cash and shares at predetermined intervals, and by performing work on the property.
Under the agreement 123 would pay $400,000 to Summa in semi-annual installments, and issue $400,000 worth of stock in similar installments over the next five years. Additionally 123 must perform $1.5 million dollars worth of work on the property over five years. As previously mentioned Summa would retain a 0.50 % Net Smelter Revenue royalty on the property once 123 has earned its interest. Lithium Corporation staff will continue to provide consultative services for the project on an as-needed basis.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed Lithium mining company that is currently producing at near nameplate capacity at its 100% owned world-class Pilgangoora lithium pegmatite mine in Western Australia. Website: www.lithiumcorporation.com
Tom Lewis, CEO
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Lithium Corporation