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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData
Provider: GlobalData

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Ultra Lithium Inc Enters Into Letter Of Intent For South Big Smoky Valley, Nevada Joint Venture

Monday, 28 Oct 2013 09:15am EDT 

Ultra Lithium Inc announced that it has signed a non-binding Letter of Intent (LOI) with CCG Mining (Canada) Inc. (CCG) with respect to a joint venture to explore and develop ULI's South Big Smoky Valley claims located in Nevada, USA (the Property). Under the terms of the LOI, CCG undertakes and commits to fund up to $2,000,000 of qualifying exploration expenditures in the Property to acquire up to a 35% equity interest in the joint venture over a period of three years. CCG will earn a 10% equity interest for a $500,000 investment in the first year, an additional 10% equity interest for a $500,000 investment in the second year and an additional 15% equity interest for a $1,000,000 investment in the third year. Upon CCG's full exercise of its option, the joint venture will be owned 65% by ULI and 35% by CCG. 

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24 Apr 2015