Redhill Resources Acquiring Lincoln Lithium Project

Redhill Resources Corporation has entered into a propriety option and assignment agreement that will see it acquire full rights, titles, and interests, in and to the Lincoln Lithium Property in Nevada, according to a new press release from the company.

Notably, the property encompasses 3200 acres of claims in the Big Smoky Valley; roughly 225 kilometers southeast of the Tesla/Panasonic Gigafactory project site. Ultra Lithium and Avarone Metals own adjacent claims.

The company also currently possesses mineral rights claims in Northern British Columbia, as well as oil and natural gas licenses in Alberta.

The press release provides the details of the deal:

To earn its interest in the Property, the Agreement calls for the Company to pay a non-refundable deposit of $25,000 to the owner of the Property, from whom the Vendor had optioned the Property, upon signing of the Agreement and to pay an additional $225,000 to the Underlying Owner upon Exchange approval of the Agreement. The Company is required to expend $250,000 in exploration expenditures on the Property in the next year and to pay an additional $750,000 at the end of the year to the Vendor to earn its interest. The Vendor will be issued 1,500,000 post-consolidated shares upon Closing of the Agreement. Upon acquisition of the Property, if the Option is fully exercised, a GORR of 1% on industry standard terms will be payable by the Company to the Underlying Owner on any commercial production from the Property. A finder’s fee of $25,000 is payable in connection with the Agreement.

…The Company currently has sufficient working capital to cover most of its operating expenses for the next year but will require additional capital to fund its commitments under the Agreement. As a result, the Company is engaging in a private placement financing the proceeds of which will fund its financial obligations resulting from the Agreement. The Financing will see the Company issuing a total of 8,000,000 post-consolidation units at a price of $0.15 per Unit. Each Unit is to be comprised of one common share and a share purchase warrant exercisable for a period of two year at an exercise price of $0.30. If the Company’s share price closes at or above $1.00 for a period of twenty (20) consecutive trading days, the holders of the Warrants will either have to exercise them on 14 days’ notice or the Warrants will be cancelled.

Pending exchange approval, the company will be changing its name to Millennial Minerals, according to the press release.

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