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Sokoman Minerals Corp (SIC.V) and Benton Resources Inc. (BEX) have announced their definitive agreements with Piedmont Lithium Inc. (PLL). This allows Piedmont to earn up to a 70% ownership interest in the Killick Lithium Project, formerly known as the Golden Hope Project.
Piedmont Transaction Highlights
The transaction involves Benton and Sokoman assigning their rights and interests to the Golden Hope Project to Vinland, a newly incorporated British Columbia corporation. Vinland then assigned these rights to its wholly-owned subsidiary, Killick. Piedmont subscribed for a 19.9% ownership interest in Vinland for CAD$2.0M. The governance of Vinland and the holding, disposal, and subsequent issuances of interests in Vinland were set forth in a shareholders’ agreement.
Piedmont was granted the option to acquire up to a direct 62.5% ownership interest in the Golden Hope Project. Benton and Sokoman were granted an aggregate 2% royalty on the net returns of precious metals and the value of lithium received from the Golden Hope Project. Piedmont was granted the exclusive marketing rights for the promotion and sale of lithium products produced from the Golden Hope Project.
About Benton Resources Inc. and Sokoman Minerals Corp.
Benton Resources Inc. is a well-funded mineral exploration company with a diversified, highly prospective property portfolio. Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. Both companies have entered into a strategic alliance through three large-scale joint-venture properties in Newfoundland.
The information contains forward-looking statements within the meaning of applicable securities legislation. These statements involve substantial known and unknown risks, uncertainties and other risk factors, many of which are beyond our control. Actual events or results could differ materially from the company’s expectations or projections.
Company Website: https://www.sokomanmineralscorp.com
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