said March 31 thatit has entered into an option and purchase agreement to fully acquire the sharecapital of Next Advancements Pty Ltd., which owns three exploration license applicationsin the Gascoyne region in Western Australia.
Under the agreement,Segue will pay an option fee of A$25,000 and A$25,000 worth of Segue shares at anissue price of 0.1 cent per share.
Segue can thenacquire Next Advancements through the issuance of A$100,000 worth of Segue sharesat an issue price of 0.1 cent per share following the granting of two explorationlicenses.
In addition,the company will issue A$100,000 worth of shares to Next Advancements upon the announcementof a JORC-compliant resource of 1 million tonnes at 1.2% lithium. The issue priceof the Segue shares will be the 10-day volume weighted average price immediatelyprior to the resource announcement.
Next Advancements'license applications cover approximately 220 square kilometers at Morrissey Hill,with tenements highly prospective for tantalum-lithium minerals. These tenementsare adjacent to the exploration license application held by Lithium Australia NL and Venus Metals Corp. Ltd.
Segue will undertakea maiden exploration program at the site in early April to test the Yinnietharraand Pyramid Hill-Wabli Creek pegmatite fields for lithium potential.