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Friday, May 18, 2012 8:19:53 PM
Tucana Lithium Corp. (OTCQB:TUCA) wishes to announce the Company has entered into an Asset Purchase Agreement with Alain Champagne and other parties to acquire a One Hundred (100%) interest in the Lac Kame and EM-1 Properties located in the James Bay, Quebec region of Canada. It is covered by NTS sheets 32O13. The property is made up of 37 map-designated cells totaling 1,961 hectares. Pursuant to the Agreement, the Company will issue a total of 2,000,000 shares of common stock plus an additional payment of $3,000 in cash. Furthermore, the Company has agreed to an additional payment of $50,000 and the issuance of 1,000,000 shares after spending a total of $1,000,000, an additional payment of $100,000 and the issuance of 1,000,000 after spending $2,500,000, and an additional payment of $150,000 and the issuance of 1,000,000 shares after spending a total of $5,000,000 on the properties. The Company has also agreed to pay the Selling group a three (3%) royalty on any commercial producing mineral deposit. The Company's main interest with the newly acquired claims will be magnetic anomalies for kimberlite based upon the airborne magnetic survey released in October 2011.
In addition, the Company entered into a Stock Purchase Agreement with Pay By The Day Company Inc., an Ontario corporation ("PBTD") and Tucana's President Jordan Starkman ("Starkman") to acquire all of the issued and outstanding common shares of PBTD. In exchange, Mr. Starkman assumes and agrees to pay, perform, and discharge all the liabilities and obligations of PBTD. The Company
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