Current Report Filing (8-k)
May 11 2016 - 9:54AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 3, 2016
LITHIUM CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 000-54332 98-0530295
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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1031 Railroad St., Ste. 102B, Elko, NV 89801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (775) 410-5287
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT
On May 3, 2016, we entered into a definitive agreement with 1067323 Nevada Ltd.
( a private Nevada corporation), and 1067323 B.C. Ltd. (a private British
Columbia corporation) with respect to our San Emidio lithium brine property in
Washoe County, Nevada.
The terms of the formal agreement are; payment of $100,000, issuance of 300,000
common shares of 1067323 B.C. Ltd., or of the publicly traded company
anticipated to result from a Going Public Transaction, and work performed on the
property by the Optionee in the amount of $600,000 over the next three years to
earn an 80% interest in the property. 1067323 then has a subsequent Earn-In
option to purchase Lithium Corporation's remaining 20% working interest within
three years of earning the 80% by paying our company a further $1,000,000, at
that point our company would retain a 2.5% Net Smelter Royalty, half of which
may be purchased by 1067323 for an additional $1,000,000. Should the Purchaser
elect not to exercise the Subsequent Earn-In, a joint venture will be
established. During the Joint Venture, should either party be diluted below a
10% working interest - their interest in the property will revert to a 7.5% Net
Smelter Royalty. The first tranche of cash and shares are to be issued within 30
days of the signing of the formal agreement.
ITEM 7.01 REGULATION FD DISCLOSURE
On May 11, 2016, we issued a news release announcing that our company has
entered into an exploration earn-in agreement with 1067323 Nevada Ltd. and
1067323 B.C. Ltd. with respect to our San Emidio lithium brine property in
Washoe County, Nevada.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
10.1 Exploration Earn-In Agreement dated May 3, 2016 between our company,
1067323 Nevada Ltd. and 1067323 B.C. Ltd
99.1 News release dated May 11, 2016
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LITHIUM CORPORATION
/s/ Brian Goss
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Brian Goss
President and Director
Date: May 11, 2016
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