Spod Lithium Corp. entered into a property purchase agreement to acquire North Nipigon Lithium Project from Generic Geo Inc. and Jadeite Capital Ltd. for CAD 1.2 million.

Spod Lithium Corp. (CNSX:SPOD) entered into a property purchase agreement to acquire North Nipigon Lithium Project from Generic Geo Inc. and Jadeite Capital Ltd. for CAD 1.2 million on November 16, 2022. Under the Agreement, SPOD will acquire the Sellers' undivided 100% interest in and to the Property by making an aggregate cash payment of CAD 0.065 and by issuing an aggregate of 4 million Class A common shares of SPOD to the Sellers on the closing date under the Agreement.

The Shares issued under the Agreement will be issued at a price of $0.225 per Share and will be subject to a four month hold period pursuant to applicable securities laws. The Property is subject to a 2% net smelter return royalty in favour of the Sellers. The parties intend to negotiate and execute a royalty agreement within six months.