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NOA Lithium and CDN Maverick Amends Nevasca Property Agreement And Payment Terms

Friday, 21 June 2024 08:00 AM

NOA Lithium Brines Inc.

BUENOS AIRES, ARGENTINA / ACCESSWIRE / June 21, 2024 / NOA Lithium Brines Inc. (TSX-V:NOAL) ("NOA" or the "Company") is pleased to announce that further to its press release dated August 28, 2023 regarding the property agreement ("Property Agreement") with CDN Maverick Capital Corp. ("CDN") for the acquisition of the Nevasca property ("Chascha Norte Claim"), the Company and CDN have agreed to amend a property payment of US $250,000 in cash and US $250,000 in common shares to US $50,000 in cash and US $450,000 in common shares at a price of $0.30 per common share, allowing CDN to increase its shareholdings in NOA. NOA has now made payment of this US $50,000 in cash and has issued 2,064,750 common shares at a deemed price of $0.30 per common share to CDN, as part of this third property payment of the Chascha Norte Claim, which is a fully permitted claim within NOA's 78,000 hectares Arizaro Project, located in the Salta Province. All other commercial terms of the Property Agreement remain unchanged.

Gabriel Rubacha, Chief Executive Officer and Director of NOA, stated, "The amendment to our agreement with CDN demonstrates the upside potential of NOA, allowing CDN to increase its participation in NOA, considering that we have recently expanded our estimated resource to 3.8M tonnes LCE @ 535 mg/l average concentration in our Rio Grande Project, making it one of the largest undeveloped and unencumbered projects in the Lithium Triangle. Additionally, and as previously disclosed, we are continuing to evaluate options for possible partnerships for our Arizaro project, that will allow NOA to unlock additional value to our shareholders".

About NOA Lithium Brines Inc.

NOA is a lithium exploration and development company formed to acquire assets with significant resource potential. All NOA's projects are located in the heart of the prolific Lithium Triangle, in the mining-friendly province of Salta, Argentina, near a multitude of projects and operations owned by some of the largest players in the lithium industry. NOA has rapidly consolidated one of the largest lithium brine claim portfolios in this region that is not owned by a producing company, with key positions on three prospective salars, being Rio Grande, Arizaro, Salinas Grandes, and totalling over 140,000 hectares.

On Behalf of the Board of Directors,

Gabriel Rubacha

Chief Executive Officer and Director

For Further Information On The Company

Website: www.noalithium.com
Email: [email protected]
Telephone: +54-9-11-5060-4709
Alternative Telephone: +1-403-571-8013

Cautionary Note Regarding Forward-Looking Statements

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking statements. Forward-looking statements including, but not limited to NOA's future plans and objectives regarding its projects, which constitute forward looking information that involve various risks and uncertainties. Although NOA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. NOA does not assume any obligation to update any forward-looking statements except as required under applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: NOA Lithium Brines Inc.

Topic:
Company Update
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