CALGARY,
AB, March 4, 2024 /CNW/ - (TSXV: GRD)
(OTCQB: GRDAF) – Grounded Lithium Corp. ("GLC" or the
"Company") announces a number of corporate matters
today.
Shares for Services/Debt
The Company engaged Koch Technologies Solutions ("KTS") a
number of months ago to perform certain treatability studies on the
Company's brine resources. This was performed with exceptional
results and largely moved GLC to select KTS as our chosen
extraction technology solution. The fees associated with this
testing have been agreed to by Company and officials at KTS to
be satisfied with Class A common shares ("Common Shares") of
the Company. A total of 1,665,354 common shares, representing 2.1%
of the pro-forma outstanding Common Shares will be issued to an
affiliate of KTS. These shares will be subject to a four-month
statutory hold period.
"We are very pleased that KTS decided to take a small equity
stake in the Company," commented Gregg
Smith, President & CEO. "KTS remains a pivotal partner
in achieving our vision to become an environmentally friendly
producer of battery grade lithium, now potentially with the
significant assistance from Denison Mines Corp. Koch's decision is
a vote of confidence in the flow sheet that we have put forward and
we look forward to working more extensively with them on
the Kindersley Lithium Project."
Market Support Agreement
The Company re-engaged Integral Wealth Securities Limited
("Integral") to assist in certain market making services.
All previous agreements on this subject are terminated. Integral
will provide these services for trading on the TSX Venture
Exchange ("TSXV") in accordance with the TSXV policies, for
the purpose of maintaining an orderly market. The Company engaged
Integral on a minimum three-month contract, which can be extended
monthly, for a cash fee of $6,000
cash per month unless otherwise agreed to. Integral and GLC
are unrelated and unaffiliated entities. Integral will not receive
shares or options as consideration. The capital used for market
making will be provided by Integral.
Incentive Compensation Awards
The Company also announces that it intends to grant 4,066,000
stock options to certain officers, employees, directors and
consultants of the Company at a strike price of $0.06 and a term of five years from the date
hereof. Options granted will be pursuant to the Company's approved
equity incentive plan. The grant of the options is subject to
approval by the TSXV.
In addition, 1,744,000 Restricted Share Units ("RSU")
will be granted to certain employees, officers, consultants and
directors as applicable. RSU's vest 50% equally on the 12 and 24
month anniversaries from the date of grant.
Incentives compensation awards were granted in lieu of other
compensation.
About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and
development company that controls approximately 1.0 million metric
tonnes of Measured & Indicated lithium carbonate equivalent
mineral resource and approximately 3.2 million metric tonnes of
Inferred lithium carbonate equivalent resource over our focused
land holdings in Southwest
Saskatchewan as per the Company's updated PEA. The updated
PEA, titled "NI 43-101 Technical Report: Preliminary Economic
Assessment Kindersley Lithium Project – Phase 1 Update" dated
November 7, 2023 and effective as of
June 30, 2023, reports a Phase 1
NPV8 after-tax of US$1.0
billion with an after-tax IRR of 48.5%. GLC's multi-faceted
business model involves the consolidation, delineation,
exploitation and ultimately development of our opportunity base to
fulfill our vision to build a best-in-class, environmentally
responsible, Canadian lithium producer supporting the global energy
transition shift. U.S. investors can find current financial
disclosure and Real-Time Level 2 quotes for the Company
on https://www.otcmarkets.com/.
Qualified Person
Scientific and technical information contained in this press
release has been prepared under the supervision of Doug Ashton, P.Eng., Alexey Romanov, P. Geo., Meghan Klein, P. Eng., Dean Quirk, P.Eng., Jeffrey Weiss, P.Eng., Chad Hitchings., P.L. Eng., and Michael Munteanu, P.Eng., each of whom is a
qualified person within the meaning of NI 43-101.
Forward-Looking Statements
This press release may contain forward-looking statements and
forward-looking information within the meaning of applicable
Canadian securities laws. The opinions, forecasts, projections and
statements about future events of results, are forward looking
information, forward-looking statements or financial outlooks
(collectively, "forward-looking statements") under the
meaning of applicable Canadian securities laws. These statements
are made as of the date of this press release and the fact that
this press release remains available does not constitute a
representation by GLC that the Company believes these
forward-looking statements continue to be true as of any subsequent
date. Although GLC believes that the assumptions underlying, and
expectations reflected in, these forward-looking statements are
reasonable, it can give no assurance that these assumptions and
expectations will prove to be correct. Such statements include, but
are not limited to, statements pertaining to GLC's vision of
becoming a best-in-class, environmentally responsible, Canadian
lithium producer supporting the global energy transition.
Among the important factors, risks, uncertainties and
assumptions that could cause actual results to differ materially
from those indicated by such forward-looking statements are: GLC's
expectation that our operations will be in Western Canada, unexpected problems can arise
due to technical difficulties and operational difficulties which
impact the production, transport or sale of our products;
geographic and weather conditions can impact the production; the
risk that current global economic and credit conditions may impact
commodity prices and consumption more than GLC currently predicts;
the failure to obtain financing on reasonable terms; the risk that
unexpected delays and difficulties in developing currently owned
properties may occur; the failure of drilling to result in
commercial projects; unexpected delays due to the limited
availability of drilling equipment and personnel; and the other
risk factors detailed from time to time in GLC's periodic reports.
GLC's forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction.
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 news release.
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SOURCE Grounded Lithium Corp