RE: Lithium shortfall6 Mar 2023 23:14
Heads of Agreement Terms:
A 50:50 joint venture company to be formed on completion of due diligence covering the exclusive rights to the marketing, testing and deployment of the NCX DLE technology in Bolivia.
Clontarf Energy plc to contribute $500,000 towards the pilot plant construction and testing as an exclusivity fee for the use of the NCX technology.
NCX will then issue shares equal to $500,000 at its next financing (CHMX:OTC) to Clontarf Energy plc.
Clontarf Energy plc will issue shares as follows to NCX:
i. 385 million new Ordinary Shares on proceeding with the Pilot Plant $500,000 contribution from Clontarf;
ii. 250 million new Ordinary Shares after successful pilot processing of Bolivian brines through the NCX pilot plant; and
iii. 250 million new Ordinary Shares after entry into a construction and processing contract between the JV and the Bolivian authorities on processing of Bolivian brines utilising NCX processing technology.
NCX, or its nominee, will have the right, but not the obligation, to invest £250,000 into the Company at a price of £0.00065, for 30 days from the signature of this HoA.