Lithium One Metals has signed option agreements with undisclosed parties to acquire six lithium properties in the Red Lake and Thunder Bay Mining Divisions in northwest Ontario in Canada.
With the acquisition, Lithium One will add 23,250ha to its portfolio of lithium assets in emerging lithium camps in Ontario and Quebec.
The assets considered for acquisition include Root South Lithium Property, Park Lithium Property, Allison South Lithium Property, Sharp Lithium Property, Dagny Lithium Property, and Adamhay Lithium Property.
Under the terms of the agreement, Lithium One Metals will acquire a 100% stake in the Root South property by paying $76,500 in cash and issuing 525,000 common shares over two years to the optionors.
The optionors will retain a 2% net smelter returns royalty on the Root South Lithium Property, which is located in the Red Lake Mining Division, 90km northeast of Sioux Lookout, Ontario.
To earn a 100% stake in the Park lithium property, Lithium One Metals must pay $220,000 and issue 1,500,000 common shares over a two-year period.
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Furthermore, the optionors will retain a 2% net smelter returns royalty on the Parks Lithium Property thar is located 55km northeast of Nipigon, Ontario.
Lithium One Metals will purchase a 100% stake in the Allison South lithium property in exchange for paying $26,500 and issue 182,000 common shares over a two-year period.
The optionor will retain net smelter returns royalty of 2% on the Allison South lithium property.
Lithium One Metals will also earn 100% interest in the Sharp Lithium Property by paying $58,000 and issue a total of 400,000 common shares.
To earn a 100% stake in the Dagny Lithium Property, Lithium One Metals will pay $81,000 and issue 300,000 common shares over a period of three years.
The optionors will retain a net smelter returns royalty of 1.5% on the property.
The Canadian exploration firm will earn a 100% interest in the Adamhay property by paying $81,000 and issuing a total of 300,000 common shares over a period of three years.
The optionors will retain a 1.5% net smelter returns royalty on the property.