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Canadian News
Sidon Intl. Signs Deal To Acquire About 160K Acres Of Prospective Lithium Property - Quick Facts
9/9/2009 3:55 AM ET
(RTTNews) -
Sidon International Resources Corp. (SD.V: News , SIDNF.PK) said it entered into option agreement with an arms length vendor to acquire approximately 160 thousand acres of land prospective for lithium in Alberta.
As per the terms of the agreement, Sidon will pay the vendor, $75 thousand cash, and issue 6 million shares of Sidon and grant a 3% net smelter return royalty, with an option to buy back 1% for $1 million. Further, the company agreed to spend $250 thousand by September 1, 2010, and an additional $250 thousand by September 1, 2011, as a work commitment.
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by RTT Staff Writer
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