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Lithion Energy Corp. Completes Sale of Indonesian Gold Properties for US $1 Million

05:45 EDT Monday, June 26, 2017
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2017) - Lithion Energy Corporation (TSXV: LNC ) (the "Company") is pleased to announce that it has completed the sale of its 80-per-cent equity interest in each of PT Gayo Mineral Resources and PT Linge Mineral Resources, under a share purchase agreement (SPA) with a private Indonesia company.
As per the terms of the SPA (see News Release date March 9th 2017), the private Indonesian company will pay the Company a total of $1-million (U.S.) (equivalent to approximately $1.32 million CAD). The proceeds will be used to finance the Company's lithium projects (Nevada & Arizona), review additional technology metals properties and to evaluate potential corporate transactions. A finder's fee of $100,000 (U.S.) is to be paid to an arm's-length company in association with the transaction.
"Not only did we add significant cash to the balance sheet, the Indonesian subsidiaries held all of the Company's financial liabilities," added Shawn Westcott, President and Director. "The sale therefore represents a significant change to Lithion's balance sheet and will enable the Company to efficiently pursue its growth strategy,"