Fuse Battery Metals Inc. (FUSEF)

[Ashaman]

LiCo June 11, 2018 News Release: https://licoenergymetals.com/lico-energy-metals-closes-transaction-to-option-out-ontario-cobalt-properties-to-surge-exploration-inc/

Terms of the Option:

Purchase Price -Surge shall pay the Company the sum of $240,000 and issue 1,000,000 fully paid and non-assessable common shares in the capital of Surge upon Exchange Approval. In addition, Surge shall incur an aggregate of $1,536,000 in Exploration Expenditures on the Property on or before two years from the date of the Agreement.

Joint Venture – Upon Surge having exercised the Option, Surge will have earned an undivided 60% interest in the Property, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.

Fairness Opinion – LiCo has received an independent third-party fairness opinion from Bruce Laird, P.Geo. relating to the transaction. The fairness opinion confirms and concludes the terms of the Option Agreement between the Company and Surge is fair to the shareholders of the Company.