Dajin Signs Memorandum of Understanding and Financing with Lithium S Corporation
Aug 18, 2016
OTC Disclosure News Service
Vancouver, BC, Canada
Vancouver, BC / TheNewswire /August 8, 2016– Dajin Resources Corp. (“Dajin”) (TSX-V: DJI) (OTC: DJIFF) (Frankfurt: A1XF20)is pleased to report that Dajin’s wholly owned Argentinian subsidiary, Dajin Resources S.A., has signed a binding Memorandum of Understanding (“MOU”) with Lithium S Corporation (“LSC”) whereby LSC will be granted an option to earn a 51% interest in Dajin’s lithium properties in Argentina (the “Project”).
LSC will earn a 51% interest in the Project by making a payment of CDN$1.0M (the “Payment”) in cash or, at the election of Dajin, half in cash and half by way of the issuance to Dajin of 300,000 common shares of LSC, within 30 days of the date of signing of the MOU and the expending of a total of CDN$2.0M on the Project. A non- refundable payment of CDN$50,000 has been paid which will be credited towards the Payment.
LSC has agreed to subscribe for CDN$500,000 in a non-brokered Private Placement, subject to acceptance by the TSX Venture Exchange, at CDN$0.18 per share with one whole share purchase warrant attached which are exercisable at CDN$0.25 for two years. These funds will be used to further the exploration and development of Dajin’s Teels Marsh Lithium brine project in Nevada.
Lithium S is a privately owned minerals exploration company working with theEnirgi Group Corporation (“Enirgi Group”), a Canadian company based in Toronto. They are focused on the development of lithium brines in Argentina. Lithium S was co-founded by Stephen Dattels and Michael Beck, who are well known mining financiers havingdeveloped many successful mining projects internationally.http://www.newswire.ca/en/releases/archive/July2016/21/c5536.html
Enirgi Group and Lithium S are privately held companies and are not reporting issuers under Canadian securities law.
About Dajin: (www.dajin.ca)
Dajin is an early stage energy metals exploration company holding a 100% interest in 294 placer claims known to contain Lithium and Boron values in the Teels Marsh region of Mineral County, Nevada. These claims, which cover 5,853 acres (2,369 hectares), are adjacent to the birth place of US Borax Corp’s first borax mine. Dajin also holds 191 placer claims covering 3,851 acres (1,558 hectares) in the Alkali Lake region of Esmeralda County, Nevada. Dajin has entered into an option agreement with Nevada Energy Metals Inc. (TSX-V:BFF) to explore these claims located 7 miles (12 kilometers) northeast of Rockwood’s Clayton Valley Lithium operations.
Dajin also holds a 100% interest in concessions or concession applications in Jujuy Province, Argentina that were acquired in regions known to contain brines with Potassium, Lithium and Boron values. These concessions total approximately 93,000 hectares (230,000 acres) and are located in the Salinas Grandes/Guayatayoc salt lakes basin adjacent to concessions held by Orocobre Limited (TSX-T:ORL), who is partnered with Toyota Tsusho. In July 2015, Dajin executedan agreement withtheTres MorrosCooperativaforexplorationof theSan Jose Project consisting of 4,300 hectares (10,625 acres) of mineral concessions (San Jose and Navidad) within the Salinas Grandes salar.
DAJIN RESOURCES CORP.
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