an undisclosed private Australian-based group signed a binding term sheet to acquire Lithaur Inc. from Fremont Gold Ltd. (TSXV:FRE) for $0.23 million on August 28, 2023. The terms, which are subject to completion of a definitive agreement by September 15, 2023 are: A one-time payment of $100,000 within 45 days of signing of the binding term sheet; A 2% NSR in favour of Fremont on each of four projects, with a right for the purchaser to buy half of each NSR for $2M (on each project); Assumption of up to $125,000 of debt owed by Lithaur and assumption of all ongoing Nevada based lithium costs post Sept 1, 2023; A firm commitment to take the Lithaur assets public via IPO or RTO on the Australian or a Canadian stock market within 12 months of the signing of the binding term sheet; Fremont to receive 30% of the publicly traded equity and the right to appoint one director to Lithaur's board upon completion of such listing; and, In case of a sale of Lithaur or its assets to a third party in lieu of an IPO/RTO, 30% of the proceeds of such sale will be paid to Fremont.
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0.09 CAD | 0.00% | 0.00% | +28.57% |
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- An undisclosed private Australian-based group signed a binding term sheet to acquire Lithaur Inc. from Fremont Gold Ltd. for $0.23 million.