Lithium ION Power Restricted (TSXV: ION) (FSE: ZA4) (“ION” or the “Firm”) is happy to share that it has entered into an LOI Settlement to progress a enterprise mixture with United Uncommon Earths Ltd. (“UnitedRE”), a US-based uncommon earths recycling and refining firm. UnitedRE secured a strategic location to develop and has considerably superior discussions with a federal company for grant alternatives which incorporates non-recourse, non-dilutive funding. UnitedRE has help on the highest ranges of the federal government and an instrumental MOU with a nationwide laboratory that may advance uncommon earth recycling and refining applied sciences within the U.S.
Highlights:
- Innovative know-how with a transparent path to making a low-carbon, home provide of uncommon earths to the US, leveraging non-recourse funding;
- Uncommon earth parts required for army purposes and important within the manufacturing of motors wanted for the power transition associated to electrification – a complementary strategic transaction;
- Lithium continues to play an irreplaceable function within the power transition and ION’s belongings can be on the able to fill this requirement; and
- Robust mixed administration groups with deep relationships throughout authorities, know-how, capital markets and mining.
“I’m delighted to announce this main growth with respect to changing into an integral participant within the essential metals house. We consider completion of the proposed enterprise mixture will catapult ION Power right into a diversified battery and significant metals participant on the worldwide market. We consider strongly in our Lithium belongings and the sheer scale and potential UnitedRE brings is compelling to realize the important goal of a cleaner, safe, traceable future for humanity,” stated Ali Haji, CEO & Director – Lithium ION Power Ltd.
Jeffrey Willis, Chairman of UnitedRE, commented, “We’re excited to announce this strategic step ahead with ION Power, marking a pivotal second for each organizations. By aligning our assets and experience with ION Power, we’re making a basis for accelerated progress and innovation. This partnership enhances {our capability} to ship on our shared mission to ascertain a sustainable, resilient provide chain to energy renewable applied sciences and the electrification motion. Our collective efforts, grounded in a shared imaginative and prescient, will empower us to satisfy the rising demand for uncommon earth supplies, securing the availability chain for America’s future.”
Convertible Debentures:
To help this new growth for the Firm, ION Power can be happy to announce a non-brokered personal placement providing of convertible debentures of the Firm (“Debentures”) at a value of US$1,000 per Debenture for combination gross proceeds of US$ 2,000,000 (the “Providing”). The Debentures will mature 24 months from the date of situation (the “Maturity Date”), carry an rate of interest of 8% per yr and can be convertible to widespread shares at a conversion value of $0.10 per share. Within the occasion the 10-day quantity weighted common value of the widespread shares of the Firm exceeds $0.15 or extra on the Toronto Inventory Alternate, the Firm may have the fitting to speed up the conversion of the shares.
Proceeds of the Providing can be used to finish the enterprise mixture with UnitedRE and develop its uncommon earth recycling and refining know-how, for the continued development and exploration of the Firm’s lithium belongings, in addition to working capital.
ION Power expects the proposed enterprise mixture will represent an “expedited acquisition” below the insurance policies of the TSXV. Completion of every of the proposed enterprise mixture and the Providing stays topic to the approval of the TSXV.
About Lithium ION Power Ltd.
Lithium ION Power Ltd. (TSXV: ION) (FSE: ZA4) is dedicated to exploring and growing prime quality lithium assets in strategic jurisdictions. ION’s flagship, 65,000+ hectare Baavhai Uul lithium brine venture represents the biggest and first lithium brine exploration licence award in Mongolia. ION additionally holds the 29,000+ hectare Urgakh Naran extremely potential lithium brine licence in Dorngovi Province in Mongolia. With the acquisition of the Bliss Lake and Little Nahani initiatives in NWT, Canada, ION has enhanced its lithium asset and jurisdiction profile. ION is well-poised to be a key participant within the clear power revolution, positioned properly to service the world’s elevated demand for lithium. Details about the Firm is obtainable on its web site, www.ionenergy.ca, or below its profile on SEDAR+ at www.sedarplus.ca.
About United Uncommon Earths Ltd.
United Uncommon Earths, Inc, a U.S. owned firm, is devoted to a home method to the acquisition, refining, and distribution of magnet and uncommon earth minerals. UnitedRE is growing a home uncommon earths hub in northeast Tennessee. Operations will embrace a magnet recycling facility, a separation facility for newly mined supplies and a know-how heart of excellence. The mission is to create a safe, dependable and traceable provide of uncommon earth minerals to help new and current home primarily based applied sciences.
Along with an MOU with a nationwide laboratory to help with growth, design planning and R&D optimization work, UnitedRE has additionally obtained a workforce of world-class advisors similar to EY (Ernst & Younger): analysis and technique, King & Spaulding LLP: authorized counsel, and Brownstein Hyatt Farber Schreck: authorities coverage.
For additional data:
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571
COMPANY CONTACT: Jeffrey Willis jkwillis@unitedre.com, 307-287-6227
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920
Cautionary Notice Relating to Ahead-Wanting Data
Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this information launch.
Data set forth on this information launch comprises forward-looking statements. Ahead-looking statements embrace estimates and statements that describe the Firm’s future plans, targets or objectives, together with with respect to the proposed enterprise mixture and the Firm’s operations after completion thereof, and different phrases to the impact that the Firm or administration expects a acknowledged situation or consequence to happen. Ahead-looking statements could also be recognized by such phrases as “believes”, “anticipates”, “expects”, “estimates”, “might”, “might”, “would”, “will”, or “plan”. Since forward-looking statements are primarily based on assumptions and handle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are primarily based on data presently out there to the Firm, the Firm supplies no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward-looking data might trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking data. Ahead trying data on this information launch consists of, however will not be restricted to, the Firm’s targets, objectives or future plans, statements, together with with respect to the getting into into of the proposed enterprise mixture with UnitedRE and the Firm’s operations after the completion thereof. Essential components that might trigger precise outcomes to vary materially from ION Power’s expectations embrace, amongst others, regulatory approvals, the flexibility to barter and implement definitive agreements with respect to the enterprise mixture, uncertainties regarding availability and prices of financing wanted sooner or later, modifications in fairness markets, dangers associated to worldwide operations, the precise outcomes of present exploration actions, delays within the growth of initiatives, conclusions of financial evaluations and modifications in venture parameters as plans proceed to be refined in addition to future costs of lithium, and the flexibility to foretell or counteract different components related to the Firm’s enterprise. There could be no assurance that forward-looking statements will show to be correct and precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements.
