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Noram Lithium Announces Binding Loi For Strategic Usd$14 Million Financing With Lithium Royalty Corp. And Waratah Capital Advisors Ltd.

Feb 07, 2022•over 3 years ago

Amount Raised

$14 Million

Vancouver

Description

VANCOUVER, BC / February 7, 2022 / Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce that it has entered into a binding letter of intent (the "LOI"), dated February 4, 2022, in connection with a proposed royalty sale and equity investment (the "Investment"), Lithium Royalty Corp. ("LRC") and the Waratah Electrification and Decarbonization AIE LP ("E&D"). The Investment consists of the purchase of a 1.0% gross overriding royalty ("GOR") on its wholly-owned high-grade Zeus Lithium Project ("Zeus") in Clayton Valley, Nevada for USD$5.0 million and a concurrent strategic investment through a USD$9.0 million private placement.

Company Information

Company

Noram Lithium

Location

Vancouver, Washington, United States

About

Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 75 million shares issued. Noram is aggressively advancing its 100%-owned Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022. The Company's flagship asset is the Zeus Lithium Project ("Zeus"), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of USD$1.299 Billion and IRR of 31% using USD$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of USD$14,000/tonne, the PEA indicates an NPV (8%) of approximately USD$2.6 Billion and an IRR of 52% at USD$14,250/tonne LCE. Please visit our web site for further information: www.noramlithiumcorp.com.

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