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 assist 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 expertise 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 functions 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 might be on the able to fill this requirement; and
- Robust mixed administration groups with deep relationships throughout authorities, expertise, capital markets and mining.
“I’m delighted to announce this main growth with respect to turning into an integral participant within the important metals house. We imagine completion of the proposed enterprise mixture will catapult ION Power right into a diversified battery and significant metals participant on the worldwide market. We imagine strongly in our Lithium belongings and the sheer scale and potential UnitedRE brings is compelling to attain the important goal of a cleaner, safe, traceable future for humanity,” mentioned 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 sources and experience with ION Power, we’re making a basis for accelerated development and innovation. This partnership enhances {our capability} to ship on our shared mission to determine 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 fulfill the rising demand for uncommon earth supplies, securing the availability chain for America’s future.”
Convertible Debentures:
To assist this new growth for the Firm, ION Power can also be happy to announce a non-brokered non-public placement providing of convertible debentures of the Firm (“Debentures”) at a worth of US$1,000 per Debenture for mixture gross proceeds of US$ 2,000,000 (the “Providing”). The Debentures will mature 24 months from the date of concern (the “Maturity Date”), carry an rate of interest of 8% per 12 months and might be convertible to widespread shares at a conversion worth of $0.10 per share. Within the occasion the 10-day quantity weighted common worth of the widespread shares of the Firm exceeds $0.15 or extra on the Toronto Inventory Alternate, the Firm can have the best to speed up the conversion of the shares.
Proceeds of the Providing might be used to finish the enterprise mixture with UnitedRE and develop its uncommon earth recycling and refining expertise, 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 creating top quality lithium sources in strategic jurisdictions. ION’s flagship, 65,000+ hectare Baavhai Uul lithium brine venture represents the most important 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 tasks 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 effectively to service the world’s elevated demand for lithium. Details about the Firm is accessible 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 strategy to the acquisition, refining, and distribution of magnet and uncommon earth minerals. UnitedRE is creating a home uncommon earths hub in northeast Tennessee. Operations will embrace a magnet recycling facility, a separation facility for newly mined supplies and a expertise heart of excellence. The mission is to create a safe, dependable and traceable provide of uncommon earth minerals to assist new and present home based mostly 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 group of world-class advisors corresponding 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 Observe Relating to Ahead-Wanting Info
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.
Info set forth on this information launch incorporates forward-looking statements. Ahead-looking statements embrace estimates and statements that describe the Firm’s future plans, goals 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”, “may”, “would”, “will”, or “plan”. Since forward-looking statements are based mostly on assumptions and deal with future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on data at the moment accessible to the Firm, the Firm offers no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different elements concerned with forward-looking data may 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 contains, however just isn’t restricted to, the Firm’s goals, objectives or future plans, statements, together with with respect to the coming into into of the proposed enterprise mixture with UnitedRE and the Firm’s operations after the completion thereof. Vital elements 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 referring to availability and prices of financing wanted sooner or later, adjustments in fairness markets, dangers associated to worldwide operations, the precise outcomes of present exploration actions, delays within the growth of tasks, conclusions of financial evaluations and adjustments in venture parameters as plans proceed to be refined in addition to future costs of lithium, and the flexibility to foretell or counteract different elements related to the Firm’s enterprise. There will be no assurance that forward-looking statements will show to be correct and precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements.
