CALGARY, ALBERTA, June 29, 2023 – E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company” today announced the year-end annual grant of 935,000 incentive stock options (the “Options”) exercisable to acquire up to 935,000 common shares of the Company at an exercise price of $2.18 per share until June 28, 2028 to certain directors, officers and advisors of the Company under its omnibus equity incentive plan. The Options expire 5 years from the date of grant, with 25% vesting on each of the first, second, third and fourth anniversary of the date of grant of the Options. The grant of the Options is subject to approval by the TSX Venture Exchange.
The Company is also pleased to announce that, at its annual general and special meeting on June 27, 2023, the Company’s shareholders voted in favor of the appointment of MNP LLP as the Company’s auditor for the ensuing year; the fixing of the number of directors at 5 and the election of all director nominees listed in the Company’s management information circular dated May 23, 2023; and the approval of the Company’s omnibus equity incentive plan.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
E3 Lithium - Investor and Media Relations
Manager, Investor Relations
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources1 in Alberta. As outlined in E3’s Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended Sept 17, 2021. The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District Project, effective March 21, 2023, identified 16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR (www.sedar.com).
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions that are forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future developments, events and results or the negative thereof. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. The Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.