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Clear Sky Lithium (CSE:POWR) granted rights to acquire Halo Project

Mining
CSE:POWR
08 August 2022 14:45 (EDT)

Clear Sky Lithium Corp. (POWR) has signed a property option agreement with Halo Lithium.

Under the terms of the agreement, Clear Sky Lithium has the option to acquire the Halo Project from Halo Lithium.

The project is made up of 98 mineral claims that are located in the Esmeralda and Nye Counties in Nevada and is considered prospective for claystone-hosted lithium mineralization.

Other terms of the agreement include Clear Sky Lithium will acquire all rights to the Halo Project from Halo Lithium in consideration for completing a range of cash payments and share issuances in tandem with a schedule:

The initial payment will be a cash payment of US$250,000 and 1.865 million consideration share issuances; $200,000 cash payment on the first anniversary of the option agreement and 1.25 million consideration share issuances; and $200,000 on the second anniversary of the opinion agreement in addition to 500,000 consideration share issuances.

“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,” Patrick Morris, CEO of Clear Sky Lithium, said in a press release. “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.”

In addition to the payments and share issuances, Clear Sky Lithium will reimburse Halo Lithium for expenses incurred in maintaining the Halo Project in good standing to a maximum of $100,000 and assuming responsibility for ongoing maintenance fees owed to the Bureau of Land Management.

Shares of Clear Sky Lithium are down 29.47 per cent to C$0.67 as of 1:36 p.m. EDT on Monday (August 8).


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