Millennial and REMSA To Proceed To Final Agreement
Millennial Lithium Corp. (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) (“Millennial” or the “Company”) is pleased to report that on October 31, 2017, The Salta Provincial Energy and Mining Company (“REMSA”) and a competing bidder ("Competitor"), settled a case involving the award of REMSA mineral exploration claims to Millennial, previously reported in the Company’s September 1st, 2017 press release.
This settlement paves the way to finalize an agreement between Millennial and REMSA for the acquisition of 2,492 hectares of claims strategically located in the center of the Pastos Grandes Salar and contiguous with Millennial’s current land holdings. Completion of the acquisition will bring Millennial’s holdings at Pastos Grandes to a total of 8,664 hectares.
Farhad Abasov, President and CEO of Millennial, commented "We are pleased that REMSA and the Competitor reached a settlement on this issue. We are very excited about the potential of this new ground and look forward to launching an intensive exploration and development program."
The signing of the final agreement will trigger an initial payment to REMSA, the funds for which have been transferred into the local account of Millennial’s wholly-owned subsidiary, Proyecto Pastos Grandes, S.A. Millennial will now secure environmental insurance and complete the final documentation detailed in the stipulations to the original tender. In addition Millennial now plans to submit the EIR for the Stage I evaluation work program, currently budgeted for US$15.4M.
Millennial also wishes to announce that it has adopted a restricted share units plan (the "Plan") which provides for the issuance of up to 2,000,000 restricted share units (the "RSUs"). Each RSU, when it vests, entitles the holder to acquire one common share of the Company provided that the holder pays any award price associated with a grant and delivers a notice of acquisition to the Company. The RSUs in the Plan may be granted to directors, officers, employees and consultants of the Company (excluding investor relations consultants) as partial compensation for the services they provide to the Company. Under the terms of the Plan, the Compensation Committee of the Board of Directors administers the Plan and, for each award of RSUs, determines the vesting provisions of RSUs awarded, the award price (if any) required for an RSU holder to receive a common share upon vesting and any other terms and conditions of the RSU grants. The Plan is a fixed number plan. The Plan is subject to the approval of the TSX Venture Exchange and to shareholder approval which will be sought at the next shareholders meeting of the Company. Any RSUs awarded prior to obtaining both TSX Venture Exchange approval and shareholder approval (collectively, the "Approvals") are subject to, and may not be exercised before, both approvals are obtained. Any RSU Shares issued are subject to a four month resale restriction imposed by TSX Venture
Exchange policies which ends four months after the award of the RSU.
The Company's Compensation Committee and Board of Directors have approved the initial issuance of 1,200,000 RSUs to certain directors, officers, employees and consultants. The 1,200,000 RSUs vest in six months subject to receipt of the Approvals and carry no award price.
To find out more about Millennial Lithium Corp., please contact investor relations at (604) 662-8184 or email info@millenniallithium.com.
MILLENNIAL LITHIUM CORP.
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