Developments among junior miners Tuesday included a newly-announced deal between Val-d’Or, Quebec-based Vision Lithium Inc. (TSX-Venture:VLI).
The deal was concluded with a pair of vendors and the Manto Sipi Cree Nation, who forged an arm's-length agreement to acquire all of the right, title, and interest of the vendors in and to the non-surveyed, unpatented mineral claim and mineral exploration licence covering about 5,000 hectares known as the Godslith lithium property.
The property is located within and surrounding the MSCN and its traditional territory, in the God's Lake area of Manitoba.
What it all means is that, Vision Lithium will issue to the Vendors four million of its common shares and will grant the vendors a 3% net smelter returns royalty. The shares will be subject to escrow and released in four equal tranches of one million Shares over an 18-month period.
One-third of the Royalty (1%) may be repurchased by the Company for $1,000,000 and an additional one-third (1%) may be repurchased by the Company for an additional $2,000,000.
The shares were practically singing, as morning was about to become afternoon Tuesday. VLI climbed half a cent, or 12.5%, to 4.5 cents, on volume of 69,000.
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