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European Metals secures option to use Lepidico's L-Max technology

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European Metals secures option to use Lepidico's L-Max technology

Platypus MineralsLtd. said May 2 that LepidicoLtd. has granted EuropeanMetals Holdings Ltd. an option to acquire a license to use the L-Maxtechnology for the latter's Cinoveclithium project in the Czech Republic for A$20,000.

The 12-month option can be renewed for a further 12 months bypaying an additional A$25,000, Platypus said.

European Metals will be required to pay A$30,000 in cash andissue 890,215 ordinary shares to Lepidico, and pay a gross product royalty of 2%on all sales relating to lithium chemicals and other byproducts produced using theL-Max technology.

The company will also run an L-Max mini-plant test on the Cinovecore.

In late-March, LithiumAustralia NL withdrewfrom the nonbinding memorandum of understanding with European Metals over the Cinovecproject.

Platypus recently completed a satisfactory due diligence on Lepidicoand signed a binding term sheet to acquire100% of its issued capital.