Lightbridge Corporation (LTBR)

[russshackleford]

Lightbridge and Areva sign non-binding LOA for joint venture

On December 18, 2015, Lightbridge Corporation ("Lightbridge") entered into a letter of agreement with AREVA NP ("AREVA") setting out the principal terms of the potential formation of one or more joint ventures between Lightbridge and AREVA to further develop, manufacture, commercialize, and fund Lightbridge's next generation metallic nuclear fuel technology.

Seth Grae, President and Chief Executive Officer of Lightbridge, commented, "The letter of agreement represents a significant step towards the commercialization of our next generation metallic nuclear fuel technology. We are pleased to have entered into an initial agreement with AREVA, a world leader in the nuclear fuel design and fabrication process, and we look forward to the next steps in establishing joint ventures with AREVA."

The letter of agreement establishes a framework for the future collaboration between Lightbridge and AREVA. The parties will work towards entering into a joint development agreement by February 29, 2016, which will define the different steps (including, without limitation, a feasibility study, a business plan, and an implementation action plan), working groups, and methodology to determine the feasibility and opportunity of future joint ventures between the parties. The joint development agreement is also expected to provide for the process by which the parties will execute definitive documentation for the joint ventures, including a term sheet that will set forth the main terms of the joint ventures.

The letter of agreement is non-binding and only expresses the basic terms and conditions that the parties presently intend, subject to mutual agreement on the feasibility and opportunity of creating the joint ventures. Neither party is obligated to proceed with the formation of the joint ventures or any other arrangement. The letter of agreement will expire on February 29, 2016 or upon the earlier execution of the joint development agreement or definitive documentation for the joint ventures. The letter of agreement also grants AREVA an exclusivity period for negotiations with Lightbridge regarding formation of joint ventures to develop, manufacture, commercialize, or fund Lightbridge's next generation metallic nuclear fuel technology, which exclusivity period will expire on February 29, 2016 or the later expiration of the joint development agreement.

http://biz.yahoo.com/e/151221/ltbr8-k.html