Vancouver, British Columbia – November 16, 2023 – Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K) (“Nevada Lithium” or the “Company”) is pleased to announce the appointment of Gary Seabrooke to its Board of Directors.
Nevada Lithium’s CEO, Stephen Rentschler, comments: “We are pleased to announce that Gary has joined our Board of Directors as a representative of Ramphastos Investments, founded and owned by Mr. Marcel Boekhoorn, a new strategic shareholder that the Company reported to the market on June 20, 2023.
Gary has a wealth of expertise that will greatly assist in advancing Nevada Lithium’s Pre-Feasibility Study and re-commencement of the search for lithium brines at Bonnie Claire. We are fortunate to have an individual of Gary’s caliber join our Board of Directors and warmly welcome him.”
- Over a 35-year career, Gary has developed resources and managed projects in Australia and Africa. His expertise encompasses a spectrum of skills including deep-hole drilling, mine management, and rail & road transport logistics. In particular, Gary has broad experience with various methods of drilling in multiple rock types to extended depths. This will facilitate Nevada Lithium’s ability to develop all forms of potential lithium resource that may exist at Bonnie Claire.
- Ramphastos Investments is a venture capital and private equity firm dedicated to driving topline growth in enterprises through all stages of their evolution: from start-ups to scale-ups to high-growth medium-sized companies and mature enterprises. It currently holds interests in over 30 companies with a combined annual revenue of almost €5 billion, employing more than 9,000 people across a range of sectors varying from financial and business services, gaming, health care, new materials, advanced manufacturing and energy spanning all continents. Mr. Boekhoorn started his career in 1981 with Deloitte & Touche as a chartered accountant, going on to become its youngest partner to date in 1991 before founding Ramphastos Investments N.V. in 1994. By focusing on value creation through incubating and growing market-leading companies, Marcel and his team have had many successful exits including Bakker Bart, Cocachoc, Boemer Groep, Novaxess, Telfort, Motip Dupli, Sim Industries, Vereenigde Havezathen and the High Tech Campus Eindhoven. Mr. Boekhoorn’s philanthropic interests include wildlife preservation and promoting sport globally, among others.
The Company is also pleased to announce that it will be amending certain warrants (the “Warrants”) governed by a warrant indenture entered into with Olympia Trust Company (the “Warrant Agent”), as warrant agent, dated effective November 30, 2021 (the “Original Warrant Indenture”). The Warrants will be amended such that the exercise price of the Warrants will be revised from $0.75 to $0.25 per common share of the Company (each, a “Common Share”) and the expiry date extended from November 30, 2023 to November 30, 2026. The terms of the Warrants will also be amended to include a revised mandatory acceleration provision (the “Acceleration Provision“) as required under the policies of the Canadian Securities Exchange (the “CSE“) pursuant to which, if for any ten consecutive trading days (the “Premium Trading Days”) following November 17, 2023, the closing price of the Common Shares on the CSE exceeds $0.3125, the expiry date of Warrants will be accelerated such that holders will have 30 calendar days to exercise the Warrants (if they have not first expired in the normal course). The Company will announce any acceleration of the expiry date by press release and the 30-day period will commence seven days after the last Premium Trading Day.
The Company will enter into a supplemental warrant indenture with the Warrant Agent dated effective November 17, 2023 in order to amend the Original Warrant Indenture such that it incorporates the amended provisions applicable to the Warrants noted above.
A director and officer (the “Related Party”) of the Company holds a portion of the Warrants. As a result, the amendments to the Warrants are considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the amendments to the Warrants, insofar as they involve the Related Party, is not more than 25% of the Company’s market capitalization. The amendments to the Warrants were unanimously approved by the directors of the Company (with the Related Party abstaining), after the nature and extent of the Related Party’s interest in the amendments to the Warrants was disclosed. The Company did not file a material change report at least 21 days before the expected effective date of the amendments to the Warrants as the Company had not determined to proceed with the amendments until after such date.
About Nevada Lithium Resources Inc.
Nevada Lithium Resources Inc. is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire Lithium Project, located in Nye County, Nevada, where it holds a 100% interest.
Bonnie Claire has a current NI 43-101 inferred mineral resource of 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18.372 million tonnes (Mt) of contain ed lithium carbonate equivalent (LCE), at a cut-off grade of 700 ppm Li¹.
The PEA for Bonnie Claire indicates a Net Present Value (8%) of $1.5 Billion USD (after tax) using $13,400 USD per tonne LCE and after-tax IRR of 23.8%. With an LCE price of $30,000 USD per tonne, the Net Present Value (8%) of the Project is $5.9 Billion USD (after tax) and an IRR of 60.3%¹.
For further information on Nevada Lithium and to subscribe for updates about Nevada Lithium, please visit its website at: https://nevadalithium.com/
The technical information in the above disclosure has been reviewed and approved by the designated Qualified Person under National Instrument 43-101, Dr. Jeff Wilson, PhD, P.Geo, Vice President of Exploration for Nevada Lithium. Dr. Wilson is not independent of Nevada Lithium, as he is Vice President of Exploration for Nevada Lithium.
¹ See Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Nye Country, Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and Issue date of February 25, 2022) (the “PEA” or the “Preliminary Economic Assessment”) as summarized in Nevada Lithium’s news release dated October 13, 2021, which are available on Nevada Lithium’s SEDAR+ profile at www.sedarplus.ca. Results of the Preliminary Economic Assessment represent forward-looking information. This economic assessment is, by definition, preliminary in nature and includes inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Preliminary Economic Assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
On behalf of the Board of Directors of Nevada Lithium Resources Inc.
Stephen Rentschler, CEO
For further information, please contact:
Nevada Lithium Resources Inc.
CEO and Director
Phone: (647) 254-9795