Lithium South Development Corp (LISMF)

[TradingCharts]

Lithium South Announces Final Property Payment on 3287 Hectare Hombre Muerto North Lithium Project
March 3, 2022 / Vancouver, BC / Lithium South Development Corporation (the “Company”) (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ). Lithium South Development Corp. has completed the last payment for the acquisition of the 3,287-hectare Hombre Muerto North lithium project located in Salta province, Argentina, as initially announced on June 5, 2017. The final payment included the issuance of 1.75 million common shares at a deemed price of 58 cents to Jorge E. Moreno and Alba Silvia Sala (the vendors) pursuant to a mining exploration agreement with option to purchase dated May 17, 2017, as amended on Oct. 31, 2017, and April 22, 2018, entered into with the vendors regarding the Hombre Muerto North lithium project.

Pursuant to the payment schedule under the agreement, the company paid a total of US $5.65 million and issued a total of 10 million common shares to the vendors and has completed its obligations thereunder. The vendors agree to assign and transfer 100 percent of the rights of assignment, title, and interest in the property to the company free from any liens or encumbrances. The vendors shall retain a 3 percent royalty on the net return from the production of lithium carbonate and/or from any other product derived from brine operations.

https://www.lithiumsouth.com/posts/lithium-south-announces-final-property-payment-on-3287-hectare-hombre-muerto-north-lithium-project/