Enertopia Signs Exclusive
International Lithium Technology Deal
Vancouver, BC -- August 16, 2016 -- InvestorsHub NewsWire --
Enertopia Corporation (ENRT) on the OTCBB and (TOP) on the CSE (the
"Company" or "Enertopia") is pleased to announce it has signed an
agreement with Genesis Water Technologies, Inc. (GWT) in
revolutionizing Lithium processing technology that could change the
current footprint in the Lithium brine industry.
Enertopia has signed a binding Letter of Intent (LOI) for
exclusive worldwide rights for recovering Lithium from brine
solutions. Upon signing the LOI Enertopia issued 250,000 common
shares to GWT. This will then be followed by the Definitive
Agreement to close on or before September 15, 2016.
Upon closing the Definitive Agreement GWT and Enertopia will
start the bench testing of brine samples for confirming the
feasibility study previously announced on June 28, 2016. It is
currently believed that using GWTs patent pending recovery
technology that Lithium can be recovered at a cost and
environmental footprint that are both significantly smaller than
todays current industry standards.
Key points of the Exclusive LOI are:
- Enertopia issued 250,000 shares to GWT on signing the LOI.
- Definitive agreement is expected to close on or before
September 15, 2016
- Bench test to start and finish before the end of the 4th
quarter 2016
- Upon successful independent 3rd party lab testing of the bench
test results, Construction of 50 gpm pilot facility in 2017
- Upon successful pilot testing in 2017, start commercial
construction with commercial production anticipated for 2018.
- GWT has granted Enertopia a worldwide exclusive right to the
usage of GWTs patent pending technology in return for 10 per cent
of net sales royalty payments for battery grade Lithium Carbonate
Li2CO3 produced.
- In order to maintain its exclusive global right, Enertopia will
need to make the following minimal payments to GWT on the
anniversary of signing the definitive agreement:
- For 2017, the greater of 10 per cent of Enertopia net Lithium
Carbonate Li2CO3 sales from brine sources or $50,000;
- For 2018, the greater of 10 per cent of Enertopia net Lithium
Carbonate Li2CO3 sales from brine sources or $150,000;
- For 2019, the greater of 10 per cent of Enertopia net Lithium
Carbonate Li2CO3 sales from brine sources or $200,000;
- For 2020 to 2023, the greater of 10 per cent of Enertopia net
Lithium Carbonate Li2CO3 sales from brine sources or $200,000 per
annum.
- Right of first refusal to renew exclusive worldwide rights
after 7 years
For the 2017 payment, Enertopia shall have the option to satisfy
this payment through the issuance of treasury units (each, "Unit"),
with each Unit consisting of one common share of Enertopia and one
common share purchase warrant of Enertopia (each, "Warrant"), with
each Warrant being exercisable for a period of 36 months from
issuance at a price 1.5 times above the minimum unit pricing
allowed by applicable stock exchange policies at such time and
based on the previous 10 day volume weighted average pricing on the
Canadian Stock Exchange ("CSE").
Genesis Water Technologies looks forward to the final results of
our bench testing program and advancing to the pilot and full
commercial production stage with Enertopia, Stated Nick Nicholas of
Genesis Water Technologies Inc.
Enertopia is excited with the success of the first phase
analysis and entering into the LOI for the exclusive use of the
patent pending technology. We are looking forward to concluding the
Definitive Agreement and moving forward to the bench test results
expected in the fourth quarter of 2016. Enertopia looks forward to
the second phase exploration work at our three Nevada Lithium brine
projects and continuing due diligence in the mineral sector. Modern
technology is revolutionizing ways and providing a better way to
mine and protect our environment. We are enthusiastic in becoming
leaders in this evolution, Stated President and CEO Robert
McAllister
About Genesis Water Technologies:
Genesis Water Technologies, Inc. is a USA based manufacturer of
advanced, innovative and sustainable treatment solutions for
applications in process water, drinking water, water reuse and
waste water for the energy, agriculture processing, industrial,
municipal infrastructure, and building/hotel sectors. For
additional information, please visit genesiswatertech.com
About Enertopia Corp:
Enertopia is exploring a portfolio of three prospective lithium
projects in Nevada, and concurrently working with water
purification technology that is believed able to recover Lithium
from brine solutions.
Enertopias shares are quoted in Canada with symbol TOP and in
the United States with symbol ENRT. For additional information,
please visit enertopia.com or call Robert McAllister, the President
at 1.250.765.6412
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements which are not historical facts are forward-looking
statements. The Company makes forward-looking public statements
concerning its expected future financial position, results of
operations, cash flows, financing plans, business strategy,
products and services, potential and financing of its, mining or
technology projects, competitive positions, growth opportunities,
plans and objectives of management for future operations, including
statements that include words such as "anticipate," "if,"
"believe," "plan," "estimate," "expect," "intend," "may," "could,"
"should," "will," and other similar expressions that are
forward-looking statements. Such forward-looking statements are
estimates reflecting the Company's best judgment based upon current
information and involve a number of risks and uncertainties, and
there can be no assurance that other factors will not affect the
accuracy of such forward-looking statements., foreign exchange and
other financial markets; changes of the interest rates on
borrowings; hedging activities; changes in commodity prices;
changes in the investments and expenditure levels; litigation;
legislation; environmental, judicial, regulatory, political and
competitive developments in areas in which Enertopia
Corporation operates. There can be no assurance
that the patent pending mobile brine recovery system will be
effective for the recovery of Lithium and if effective will be
economic or have any positive impact on Enertopia. The User should
refer to the risk disclosures set out in the periodic reports and
other disclosure documents filed by Enertopia Corporation from time
to time with regulatory authorities.
The CSE has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release