Spark Energy Minerals Secures Largest Contiguous Land Package in Minas Gerais, Brazil
Vancouver, British Columbia--(Newsfile Corp. - October 9, 2024) - Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) (FSE: 8PC) ("Spark" or the "Company"), an exploration Company focused on the discovery of battery metals in Brazil's prestigious Lithium Valley, announces that it has entered into a debt settlement agreement with an arms-length creditor (the "Creditor") to settle CAD$550,000 (the "Debt Settlement") representing the final outstanding amounts owing to the Creditor for the acquisition of the Company's now 100% owned flagship "Arapaima Lithium Project" in Minas Gerais, Brazil.
Map of Spark Energy's flagship Arapaima Lithium Project relative to other major projects in Brazil's "Lithium Valley"
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The Arapaima Lithium Project, located in Brazil's renowned "Lithium Valley" in Minas Gerais covers 64,359 hectares and is the largest contiguous landholding in this high-potential lithium region, offering significant exploration opportunities.
The project is strategically situated near major industry players such as Lithium Ionic, Sigma Lithium, Latin Resources, Si6, and Atlas Lithium, positioning Spark Energy Minerals at the center of this fast-growing "lithium valley."
In settlement and full satisfaction of the debt in the amount of CAD$550,000, the Company has agreed to issue to the Creditor 3,666,667 common shares in the capital of the Company (the "Common Shares") at a deemed issue price of $0.15 per Common Share. The proposed shares for debt settlement are subject to the approval of the Canadian Securities Exchange.
"We are grateful for being able to vend the largest contiguous block of mining claims in Lithium Valley to Spark Energy Minerals. We wish to thank the Board of Spark for allowing us the opportunity to convert our final payments into shares of the company. We feel the hard dollars are better spent on further advancing Spark's enormous property portfolio in this world class district," said a representative of Talisman.
"This Debt Settlement demonstrates our commitment to strengthening Spark Energy's financial position while preserving our cash resources for exploration and development activities. By converting this debt into shares, we're aligning Talisman's interests with those of our other shareholders and reinforcing our focus on advancing our substantial property portfolio in Brazil's Lithium Valley. This strategic move allows us to direct more capital towards unlocking the potential of our assets in this world-class mining district, furthering our goal of becoming a key player in the battery metals sector," stated Eugene Hodgson, CEO and Director of Spark Energy Minerals.