Medaro Completes Initial Earn-In Under Joint Venture Agreement to Develop Lithium Extraction Technology
Vancouver, September 10, 2021 - Medaro Mining Corp. (CSE: MEDA) ("Medaro" or the "Company") is pleased to announce, further to its news release dated June 30, 2021, that it has completed the initial earn-in under its definitive joint venture agreement (the "JV Agreement") with Dr. James G. Blencoe, Ph.D., of Tennessee USA, and Global Lithium Extraction Technologies Inc. ("Global Lithium"), with respect to the operation of a joint venture (the "Joint Venture") to develop and commercialize a new, low-cost process (the "Technology") for extracting lithium from spodumene concentrate. The Joint Venture is operated through Global Lithium, a new corporation that was formed for this purpose. For further information respecting the Technology and Dr. Blencoe's background, please see the Company's news releases dated May 6, 2021 and June 30, 2021.
Pursuant to the initial earn-in under the JV Agreement, Medaro has acquired a 20% ownership interest in Global Lithium in exchange for Medaro making a cash contribution of US$100,000 to Global Lithium and issuing an aggregate of 450,000 common shares of Medaro to the shareholders of Global Lithium. In connection with the initial earn-in, Dr. Blencoe has also joined Medaro's leadership team as Chief Technology Officer.
On Behalf of the Board of Directors
Hugh Maddin
Chief Executive Officer & Director
About the Company
The Company is a lithium exploration company based in Vancouver, BC. and holds options over the Superb Lake lithium property located in Thunder Bay, Ontario and the CYR South lithium property located in James Bay, Quebec. The Company is a party to a joint venture agreement that engages the Company in the development and commercialization of a new process to extract lithium from spodumene concentrate.
For more information, investors should review the Company's filings that are available at www.sedar.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that are "forward-looking information" within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the JV Agreement and the development of the Technology are "forward-looking information". These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. Relevant risks include the ability of the Joint Venture to develop the Technology as they intend and within the expected time frame. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Contact Information
info@medaromining.com
604-365-0425
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96076