JOURDAN RESOURCES announced that North American Lithium, a subsidiary of Sayona Mining, which recently entered into an earn-in and joint venture agreement with Jourdan, has deposited C$4 million into an escrow account pursuant to an escrow agreement entered into among Jourdan, Sayona and TMX Trust Company. Pursuant to the Escrow Agreement, NAL is required to spend the full Escrow Amount on exploration activities on 28 claims within the Company’s Vallee lithium project prior to November 14, 2023, to earn a 25% interest in the Earn-in Claims. Accordingly, NAL’s obligation to spend the Escrow Amount represents a firm commitment under the Earn-in Agreement. To the extent NAL does not spend the full Escrow Amount on exploration activities prior to the deadline, any amounts remaining in the escrow account shall be released to Jourdan in accordance with the Escrow Agreement. NAL also has the option to spend an additional C$6 million by November 14, 2024, to earn a further 25% interest in the Earn-in Claims. The Company is currently working with NAL to develop a work program to be funded by the Escrow Amount. The parties intend for the work program to include a drilling program that would commence in Q1 of 2023.
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