Vatic Ventures has signed an agreement to acquire a 100% interest in private company 1432714 BC, which holds an option to acquire a Brazil-based lithium property, Solonópole South, from arms-length vendors.
Under the agreement, Vatic Ventures will acquire all of the outstanding common shares of 1432714 BC by issuing six million Vatic common shares to the latter’s shareholders for $0.08 per Vatic share.
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1432714 BC holds the right to acquire the Solonópole South property from an undisclosed underlying owner by making an initial payment of $40,000 by 24 February 2024 and a further $137,500 at a later stage.
Furthermore, 1432714 BC will issue $137,500 worth of shares of a publicly traded company to the underlying owner within one year of the initial payment date.
The underlying owner will also receive $300,000 and $300,000 worth of shares of a publicly traded company within 24 months of the initial payment date, as well as $562,500 and $562,500 worth of publicly traded company shares within 36 months of the initial payment date.
Upon completion of the latest deal, 1432714 BC will become Vatic’s wholly owned subsidiary.
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By GlobalDataThe Solonópole South Lithium Property comprises several extensive lithium-bearing pegmatite dykes. It covers historic artisanal mining sites that were previously mined for lithium, coltan (tantalum and niobium) and tin.
Located in the coastal state of Ceara in north-east Brazil, 40km from Solonópole in a known pegmatite mining district, the property comprises four claim blocks that cover a total area of 4,813.57 hectares.
As per the initial 2023 exploration programme completed by the former owner, the property holds several long and wide pegmatite dykes that are largely unexplored.
Vatic plans to undertake a work programme at the property, including GPS sample site controls for overburden stripping, mapping, channel sampling and trenching.
