Alset Energy to Acquire 100% Interest in Mexican Salars
April 10, 2017
Vancouver, British Columbia: Alset Energy Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to announce that, subject to regulatory approval, it will accelerate the exercise of its earn in option to acquire the Mexican salar project. Alset and MKG Mining have agreed to amend the original agreement that would have taken a further 5 years for Alset to earn a 100% interest through staged cash payments totaling USD $190,000. It has now been agreed by the parties that MKG Mining will accept shares of the Company instead of cash.
Allan Barry Laboucan, President and CEO of Alset Minerals said: “I’m very pleased to have come to an agreement with the MKG Mining team to expedite the 100% earn in, on our Mexican salars for a number of reasons. Instead of making cash payments we will conclude the earn in option with a stock payment, which frees up cash for exploration work. Key members of the MKG Mining team are crucial to our success as they help with permitting, local business efforts, and geological input.This agreement gives them a meaningful shareholding in Alset and makes them a financially vested part of our team. Finally, we will no longer have a long-term cash obligation on our exceptional projects and will have a 100% interest.”
Terms of the Deal
In the original option agreement, Alset Energy had the right to earn a 100% interest in MKG’s interest in the project, subject to an aggregate 2.50% NSR, by paying USD $210,000 over a five-year period plus value added tax (VAT) of 16%.
Under the amended agreement, Alset Energy will instead pay the remaining USD $190,000 and VAT owed by issuing 2,101,514 shares at a deemed price of $0.14 per share (the “Shares”).The Shares will have a standard 4-month regulatory hold period.
Upon issuance of the Shares, Alset will have fulfilled its earn in option and, subject to an aggregate 2.50% NSR, will own a 100% interest in these exciting group of high-grade lithium-potassium salars in the Central Mexican Plateau. This area has been identified in past work by the Servicio Geologico Mexicano as the most prospective region in Mexico for lithium and potassium in salars.
About Alset Energy (ION.V)
Alset Energy is a TSX-V listed junior exploration company focused on exploring and development of a group of high-grade lithium and potassium projects in the Central Mexican Plateau. The Company is actively exploring in Mexico and Canada.
On behalf of the Board of Directors of Alset Energy Corp.,
"Allan Barry Laboucan"
Allan Barry Laboucan, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections
For further information contact Allan Barry Laboucan @:
Phone (604) 505-4753