Ashburton Announces Amending Agreement on Thompson Bros. Lithium Property; Terminates Whabouchi Agreement
Vancouver, British Columbia (FSCwire) - Ashburton Ventures Inc. (ABR-TSX:V) (ARB-FRANKFURT) (“Ashburton” or the "Company”) announces that it has entered into an amending agreement with respect to the previously-announced option financing agreement with Manitoba Minerals Pty Ltd. ("MMPL") whereby the Company will retain a 20% interest in the Thompson Bros. lithium property located in Wekusko Lake, Manitoba.
In May 2016, the Company had acquired an option over the Thompson Bros. lithium property and had simultaneously signed an option financing agreement with MMPL, pursuant to which MMPL would finance all payments and obligations relating to the option (see the Company's previous news release dated May 2, 2016). In consideration, the Company had previously granted MMPL with options to acquire up to a 95% interest in the property.
Pursuant to the new amending agreement, MMPL will still finance all cash payments and expenditures with respect to the Thomson Bros. option, but the Company will be responsible for share payments owing to the underlying owner. Under the underlying option agreement, the Company will issue 2.25 million common shares to the underlying owner, in annual installments of 500,000 shares, ending in April 2021. As a result, the options granted to MMPL have been reduced, such that the Company will retain a 20% interest in the property. The amending agreement is subject to the Company receiving prior approval from the TSX Venture Exchange.
The Thomson Bros. lithium property is located 20km east of the mining community of Snow Lake, Manitoba, and consists of 18 contiguous claims covering 1829 hectares. Further information about the property can be found in the Company's May 2, 2016 news release.
The Company further announces it has terminated its agreements to acquire the Whabouchi South, Whabouchi West and the Whabouchi Southern Extension properties.
Ashburton Ventures Inc. is a Canadian-based junior exploration company focused on Canadian mineral projects in Manitoba, Quebec and British Columbia, Canada.
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ashburton04112017_1.pdf
Source: Ashburton Ventures Inc. (TSX Venture:ABR, FWB:ARB)
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