VANCOUVER, BC - March 6, 2024 Spark Energy Minerals Inc., (“Spark” or the “Company” (CSE: EMIN) (OTC: MTEHF) (Frankfurt: J8V) has announced
VANCOUVER, BC – March 6, 2024
Spark Energy Minerals Inc., (“Spark” or the “Company” (CSE: EMIN) (OTC: MTEHF) (Frankfurt: J8V) has announced a purchase agreement (the “Purchase Agreement”) with Tristar Energy Corp. (“Tristar”). Under this agreement, Spark would obtain Tristar’s option (the “Option”) to purchase the Minas Gerais mining permits (the “Property”). These permits are situated within Brazil’s Lithium Valley, in the state of Minas Gerais (the “Acquisition”).
The Purchase Agreement stipulates that Spark will acquire the option to fully purchase the Property by issuing 15,000,000 common share units to Tristar. These units will be valued at $0.15 each and consist of one common share, plus a common share purchase warrant. The warrant allows the holder to buy an additional common share for $0.15 within a two-year period.
To fulfill the terms of the Option, Spark is required to make a single payment of $400,000 on or before May 26, 2024 (the “Acquisition Payment”).
Learn how Brazil’s new age of mining positions Spark Energy Minerals to unearth the next potential mega lithium discovery.
Brazil’s Path to become a Global Lithium Giant
The Property consists of 23 mineral claims spanning a total of 39,596.63 hectares. This land is strategically situated in Brazil’s Minas Gerais State, approximately 11 kilometers east of significant lithium projects: Sigma Lithium Corporation’s Groto do Cirilo Project and Lithium Iconic Inc.’s Itinga Project. It’s also located 13 kilometers east of Atlas Lithium Corp.’s Neves Project. Sigma’s holdings, located in the municipalities of Araçuaí and Itinga, encompass 27 mineral rights across 19,100 hectares, including nine previously active lithium mines. Notably, Atlas Lithium maintains control of roughly 24,233 hectares of mineral rights within Lithium Valley.
To finalize the proposed Acquisition, Spark Energy Minerals must adhere to the policies outlined by the Canadian Securities Exchange (CSE) and secure all required regulatory approvals. Additionally, the customary closing conditions within the Purchase Agreement need to be satisfied.
There is no guarantee the proposed Acquisition will be finalized as originally intended, or even completed. Issued securities within the units will be placed on a hold period lasting four months and one day. There will be no change in company control structure as defined by the CSE.
Furthermore, Spark Energy Minerals announces its intention to execute a private placement, subject to CSE approval. This placement could raise up to $1,000,000 by offering up to 13,333,333 company units (“Financing Units”) at $0.075 per unit (the “Financing”). Each Financing Unit comprises one common share (“Financing Share”) and one warrant. Warrants allow the purchase of an additional common share (“Warrant Share”) for two years from the date of issue at $0.12 per Warrant Share. The Financing Securities (including Financing Units, Financing Shares, and Warrant Shares) will have a hold period of four months and one day from the Financing’s closing date. Proceeds will be used to fund the Acquisition Payment, Property exploration work, marketing/investor relations, and general operations.
About Spark Energy Minerals Inc.
Spark Energy Minerals, Inc. is a Canadian company focused on battery metals and mineral assets, with newly established interests in Brazil. The Company’s acquisitions are situated within Brazil’s burgeoning lithium sector, an area increasingly recognized as a global center for lithium and rare earth mineral exploration.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION, SEE THE COMPANY’S WEBSITE AT
Email to info@sparkenergyminerals.com
Contact: Peter Wilson, CEO, Tel. +1-778-744-0742
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