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Vision Lithium to acquire Godslith lithium property in Manitoba

Vision Lithium Inc. entered into a binding letter of intent with two individual vendors and the Manto Sipi Cree Nation in Manitoba to acquire the Godslith lithium property.

The company will issue 4 million shares and grant a 3% net smelter royalty to the vendors in exchange for all the rights, titles and interests in the unpatented mineral claims and mineral exploration licenses covering about 5,107 hectares, it said Oct. 22.

Vision Lithium will be able to repurchase one-third of the royalty for C$1 million and another one-third for C$2 million.

Closing of the transaction, which depends on various factors including negotiating and signing an exploration agreement with the First Nation, is expected by Nov. 30.