Under the terms of the private placement agreements the placees will be granted a preemptive right for two years from closing, in respect of any equity securities issuance by the Company, to purchase at fair market value the amount of securities required to maintain their percentage holding of the Company. The placees have agreed to vote their shares with management on general meeting matters during the two-year period. The proceeds will be used to support completion and implementation of the Company’s first mobile lithium extraction unit. The unit is to be built in the US and will be shipped to South America by container and to be deployed to an Ensorcia sourced salar. In addition, the proceeds will be used to file additional patent applications related to the Company’s extraction process, and, to pay accounts payable totaling approximately $325,000 CAD of which approximately $146,000 CAD will be paid to related parties. Dr. John Burba said, “We are very pleased to welcome our new shareholders. We also continue to be very excited about our South American projects. We look forward to demonstrating the environmental, economic and timing advantages of our proprietary technology.
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