Pan American Lithium Corp. Announces Amendment of Share Option Agreement and Extension of Closing Date
November 01 2011 - 4:00PM
Pan American Lithium Corp. (TSX-V:PL) (OTCBB:PALTF) (OTCQB:PALTF)
announces that it has entered into a letter agreement dated October
31, 2011, with Escondidas Internacional S.A. de C.V., a privately
held Mexican corporation ("
Escondidas"), and the
shareholders of Escondidas (the "
Shareholders"),
whereby the parties have agreed to further extend the closing date
set out in the Share Option Agreement dated December 18, 2009 (the
"
Option Agreement"), as amended, from October 31,
2011 to April 30, 2012.
All other terms of the Option Agreement remain unchanged,
including the obligation of the Company to pay to the Shareholders
US$1,000 per month, reduced from the original amount of US$25,000
per month until the earlier of the closing date or termination to
cover costs relating to outstanding expenses, due diligence, legal
fees and other general and administrative expenses of
Escondidas.
The exercise of the option under the Option Agreement would
allow the Company to receive an indirect, carried 25% interest in a
joint venture between Escondidas and a third-party holding the
brine concessions, to exploit and commercialize lithium chloride
minerals and precious metals produced from such concessions.
On Behalf of the Board
PAN AMERICAN LITHIUM CORP.
/s/ Andrew Brodkey
Andrew A. Brodkey
President and CEO Tel: (520) 623-3090
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company, such as the statement that: (i) the
Option Agreement may close; and (ii) the Company, upon exercise of
the option, would receive an indirect, carried 25% interest in a
joint venture between Escondidas and a third-party holding the
brine concessions, to exploit and commercialize lithium chloride
minerals and precious metals produced from such concessions. There
are numerous risks and uncertainties that could cause actual
results and the Company's plans and objectives to differ materially
from those expressed in the forward-looking information, including:
(i) inability of the Company to close the Option Agreement for any
reason; (ii) adverse market conditions; (iii) a decrease in demand
for and price of lithium; and (iv) general uncertainties with
respect to mineral exploration in general. Actual results and
future events could differ materially from those anticipated in
such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified
in their entirety by this notice. Except as required by law, the
Company does not intend to update these forward-looking
statements.
Neither 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 release.
CONTACT: George McIntyre
CEOcast, Inc.
Tel: (212) 732-4300
gmcintyre@ceocast.com
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