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Lithium Corp. drops option on Michael, Three Valley Gap properties

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Lithium Corp. drops option on Michael, Three Valley Gap properties

Lithium Corp. said Feb. 23 that it amended its agreement with Bormal Resources Inc. for the acquisition of three tantalum-niobium-rare earth element properties in British Columbia.

Under the amended deal, Lithium Corp. will only proceed with the acquisition of the Yeehaw rare earths property, dropping its option on the Michael and Three Valley Gap properties.

The companies also agreed to reduce the final tranche of the share consideration to complete the Yeehaw acquisition to 400,000 common Lithium Corp. shares from 750,000 shares.

In addition, Lithium Corp. reported that it recently expanded its landholding in the Yeehaw area to over 8,355 acres from 3,137 acres and is planning this year's work program.