Brief: Power Metals and MGX Minerals form partnership over lithium portfolio

Power Metals

02/08/2017 05:02

Aug 2 (Reuters) - Power Metals Corp  PWM.V  -  
    * Power Metals Corp and MGX Minerals Inc form accretive 
partnership over lithium portfolio 
    * XMG will acquire all of company's current U.S. 
Petrolithium brine assets 
    * XMG will take a 20 percent working interest in all of 
company's current hard rock assets 
    * Power Metals - XMG will have right to purchase additional 
15 percent working interest of Co's hard rock assets for 36 
months for a total of C$10,000,000 
    * XMG will pay to PWM 3,000,000 common shares of XMG. 
    * XMG will receive call option to purchase up to 10,000,000 
common shares of PWM at a price of C$0.65 per share for 36 
months 
 
Source text for Eikon:  ID:nMKWnbkGSa  
Further company coverage:  PWM.V  
 
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