Wealth Minerals signs MOU with Uranium One Group
Wealth Minerals announced it has signed a strategic memorandum of understanding with Uranium One Group. The MOU provides for the acquisition by U1G of up to a 51% ownership interest in the Company's Atacama lithium project an approximately 46,200 hectare licensed position located in the Atacama Salar in Region II of Antofagasta, northern Chile on commercial terms to be agreed upon by the parties. The MOU provides for a due diligence period during which U1G can conduct technical, geological, legal, tax, financial and other due diligence on the Atacama Project, at U1G's expense. The MOU gives U1G the right to match the terms of any proposed alternative transaction. The closing of the Proposed Transaction would be subject to customary closing conditions and approvals, including the ability of the parties to enter into a definitive purchase and sale agreement, U1G being satisfied with the results of its due diligence, and the receipt of all required regulatory and corporate approvals, including, of the TSX Venture Exchange in respect of the Proposed Transaction. The MOU provides that the parties will enter into an off-take agreement, upon mutually agreed terms and conditions, whereby U1G would have the right to purchase 100% of the products produced from the Atacama Project, provided the Proposed Transaction closes. The MOU provides for increased co-operation between the parties for the development of the lithium projects. Such development is expected to include, among other things, the application of U1G's ecologically friendly sorption lithium extraction technology.