Clear Sky Adds Strategic and Significant Asset to its Project Base in Nevada
-- Halo Project located strategically between two lithium majors
VANCOUVER, British Columbia, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Clear Sky Lithium Corp. (CSE: POWR) (FRA: K4A / WKN: A3DM2W) (“Clear Sky” or the
“Company”), a mineral exploration and development company focused on American lithium deposits to support domestic demand, announces that it has entered property option agreement
(the “Option Agreement”), dated August 05, 2022, with Halo Lithium LLC (the “Vendor”), pursuant to which it has been granted the right to acquire the Halo Project.
The Halo Project is comprised of ninety-eight mineral claims, located in Esmeralda and Nye Counties, Nevada, and is considered prospective for claystone-hosted lithium mineralization.
Patrick Morris, CEO notes, “This acquisition, in the heart of America’s lithium discovery region, will significantly broaden our project base in Nevada. The Halo Project directly borders two companies who have shown lithium enrichment in the area: American Lithium’s TLC project (MRE: 7.1Mt LCEi) to the north, and American Battery Metals Tonopah Flats project to the southwest. We believe Halo is underlain by the same geologic formation that hosts the TLC deposit. We feel that this ground-breaking opportunity will allow us to achieve our goal of becoming a major player in the region and ultimately a contributor to the lithium supply chain.”
Pursuant to the terms of the Option Agreement, the Company may acquire all rights to the Halo Project from the Vendor, in consideration for completing a series of cash payments and share issuances (the “Consideration Shares”) in accordance with the following schedule:
|Deadline||Cash Payment||Consideration Share Issuance|
|First Anniversary of Option Agreement||US$200,000||1,250,000|
|Second Anniversary of Option Agreement||US$200,000||500,000|
All Consideration Shares issued to the Vendor will be subject to a twelve-month voluntary escrow arrangement, during which time the Consideration Shares may not be traded without the prior approval of the Company. The Consideration Shares will be released from the escrow arrangement in three tranches, of which 25% will be released after six months, a further 37.5% after nine months, and the balance after twelve months.