Agreement with Lonestar Lithium Inc.
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your CDL notes
Cloudbreak Discovery Plc, (LSE: CDL), the natural resource project generator, is pleased to announce that it has signed an Exploration Agreement for the acquisition of its proprietary database of lithium targets in the State of Texas.
Smackover Resources LLC, ("Smackover"), a wholly owned subsidiary of Lonestar Lithium Inc., ("Lonestar"), has purchased the proprietary database with regional modelling and data compilation across eastern Texas from Cloudbreak. The terms of the transaction include;
- 2.0m shares in Lonestar
- USD$25,000 each time a Qualifying Transaction property is generated from the database.
- 0.5% Royalty produced lithium on each Qualifying Transaction property
- Agreement is for 3 years from Effective Date
Andrew Male, Director, Interim CEO, states: "This Exploration Agreement is a good example of the type of transactions Cloudbreak has completed in the past and will continue to do with a sector of its asset base. It took considerable time and effort to compile this database and being able to sell this on to Lonestar demonstrates the possible valuation accretion by doing this type of business."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.