Spark Energy Minerals Inc. [CSE-EMIN; OTC-MTEHF; FSE-J8V] has entered into a purchase agreement with Tristar Energy Corp., pursuant to which it would acquire Tristar’s option to acquire the Minas Gerais mining permits (the property) located in the state of Minas Gerais, Brazil, in the area known as Brazil’s Lithium Valley.
Under the terms of the purchase agreement, the company will purchase an option to acquire 100% of the property by issuing 15 million common share units to Tristar at a deemed price of 15 cents per unit, each unit consisting of one common share and one common share purchase warrant entitling the holder to acquire one further common share for two years at a price of 15 cents.
The terms of the option require Spark to make one $400,000 payment by May 26, 2024.
The property comprises 23 mineral claims totalling 39,596.63 hectares of surface area. It is strategically located approximately 11 km east from both Sigma Lithium Corp.’s [TSXV-SGML, NASDAQ] Groto do Cirilo project and Lithium Ionic Inc.’s [TSXV-LTH; OTCQX-LTHCF; FSE-H3N] Itinga project, and 13 km east of Atlas Lithium Corp.’s [NASDAQ-ATLX] Neves project, in the state of Minas Gerais, Brazil. Sigma’s properties are located in the municipalities of Aracuai and Itinga, in Brazil’s mining-friendly Minas Gerais state, approximately 450 km northeast of the state capital of Belo Horizonte. Sigma holds 27 mineral rights in four properties spread over 19,100 hectares, which include nine past-producing lithium mines. Atlas Lithium controls approximately 24,233 hectares of mineral rights in Lithium Valley.
The company further announces that, subject to the policies of the CSE, it intends to complete a private placement of up to $1-million by offering up to 13,333,333 units of the company at a price of 7.5 cents per unit. Each financing unit will consist of one common share in the capital of the company and one warrant to purchase an additional common share at a price of 12 cents per warrant share for a period of two years from the date of issue.
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