VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2016) - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX VENTURE:AAL.H) is pleased to announce that, further to the Company's news release of June 20th,,2016, the Company has completed its acquisition of an option to acquire an interest of up to 70% in three Nevada lithium projects, 50% in two Nevada lithium projects and 100% of certain water rights in the Clayton Valley from Nevada Sunrise Gold Corporation ("Nevada Sunrise").
At closing, the Company paid Cdn$500,000 cash and issued 2,071,447 common shares to Nevada Sunrise. Additional shares and exploration expenditures are required in order for the Company to earn its interests in the properties. A finder's fee of $45,670 cash and 182,680 common shares was paid to a third party in connection with the acquisition. All securities are subject to a four month hold period. In addition, the securities issued to Nevada Sunrise are subject to a voluntary pooling arrangement expiring 24 months from closing.
Concurrently with the closing of the acquisition, directors Marc Cernovitch and Craig Taylor resigned as directors and Mr. Cernovitch resigned as CEO and CFO. Mr. Dev Randhawa was appointed as a director and Interim CEO and Mr. Nick DeMare was appointed as CFO and Corporate Secretary.
Complete details of the acquisition and related transactions are set out in the Company's Filing Statement dated August 12, 2016 which is available on SEDAR.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "AAL.H".
ADVANTAGE LITHIUM CORP.
David Sidoo, President
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage Lithium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Advantage Lithium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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.