Grounded Lithium Corp. (“GLC” or the “Company”) is pleased to announce that we have obtained consents, from shareholders holding over 50% of the outstanding shares of the Company, in respect of the previously announced definitive agreement (the “Agreement”) with Denison Mines Corp (TSX: DML) (NYSE American: DNN) (“Denison”). The Company has also received final approval from the TSX Venture Exchange to close the transaction.
With all approvals obtained, the earn-in option granted by the Agreement is effective as of January 24, 2024. As communicated in the January 16, 2024 press release, the 5% gross over riding royalty (“GORR”) sold to Denison is now reduced to 2%. The GORR will be eliminated in its entirety on the earlier of: (i) the date that Denison completes the first earn-in option under the Agreement; and (ii) the date that is fifteen (15) months after date of the Agreement unless Denison elects to forfeit its rights to exercise an earn-in option prior thereto.
The Company recorded a conference call on January 16, 2024 describing the transaction, a playback of which can be found at the following url:
