VANCOUVER (miningweekly.com) – TSX-V-listed Callinex Mines has signed an option agreement with Global Li-Ion Graphite (Lion), whereby Lion can acquire a 100% interest in the Neuron graphite project, located in Northern Manitoba.
Under the terms of the cash-and-scrip accord, Lion will pay Callinex C$200 000 in cash and issue two-million shares to acquire the noncore asset.
Callinex advised on Monday that it would receive initial payments of about C$1.1-million, comprising C$200 000 cash and one-million shares within three days.
Lion has the option to acquire a 100% interest in the project by making additional payment of one-million shares within 24 months. Callinex will receive a further milestone payment of three-million shares if an economic study is completed on the project or on any claims within a 20 km area of interest.
Should Lion decide not to exercise the option agreement, then Callinex will retain 100% ownership of the project, along with the initial payments.