Voltaic Minerals Corp. ("Voltaic" or the "Company") is pleased to announce that it has entered into a binding assignment agreement (the "Agreement") dated December 20, 2018 among the Company, 1146915 B.C. Ltd ("PrivCo") and the underlying claim owners (the "Vendors") in respect of two mineral claims covering a total 6,778.02 Hectares in Salta Province, Argentina (the "Claims").
Pursuant to an agreement dated December 2, 2018 among PrivCo and the Vendors (the "Underlying Agreement"), PrivCo became entitled to acquire a total of six mineral claims (including the Claims) from the Vendors.
Pursuant to the Agreement, PrivCo has assigned its rights in and to the Claims under the Agreement to Voltaic in consideration of CAD$500,000. All consideration payable to the Vendors pursuant to the Underlying Agreement remains the obligation of PrivCo, and in addition PrivCo has granted Voltaic a General Security Agreement over all the present and after acquired assets of PrivCo as security for the performance of PrivCo of its obligations under the Underlying Agreement.
The claims are in the heart of the world's lithium brine hotbed and less than 15km from the Hombre Muerto Salar, the premier lithium brine basin in Argentina – high grade, low impurities (Li:Mg < 4) – that has been in production for over 20 years.
Voltaic CEO Darryl Jones commented, "It is an exciting time for the Company, as we embark on a very exciting new direction, adding the claims in Argentina alongside our cobalt property in Montana we are positioned exceptionally well in the battery metals market. We see this acquisition as a small first step in Argentina and are looking forward to being more active in the region in the future."
ON BEHALF OF THE BOARD
VOLTAIC MINERALS CORP.
President and CEO
FORWARD LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include the Company's plans to purchase Argentine mineral claims, that PrivCo will complete all its obligations pursuant to its underlying agreement and that there may be a lithium rich mineral deposit. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that we may not close, and even if we indirectly acquire the mineral claims, it may prove to be unworthy of further expenditure; PrivCo may fail to carry out its obligations to the property owner and we may lose any interest in the property; there may not be an economic lithium resource, or any lithium resource; economic, competitive, governmental, environmental and technological factors may affect the Company's operations, markets, products and prices. We may not have access to or be able to develop any minerals because of cost factors, type of terrain, or availability of equipment and technology. We may also not raise sufficient funds to carry out our plans. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward looking statement risk factors.
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 release.