SPOD Lithium Corrects Finder's Fees Payment

Rhea-AI Summary

SPOD Lithium Corp (CSE: SPOD; OTCQB: SPODF) has announced corrections to finder's fees payment to Haywood Securities for a second tranche private placement offering. The compensation has been reduced from $5,950 to $4,200 in cash and from 119,000 to 84,000 finder's warrants.

The company has issued termination notices for two properties: the Golden Moon property option agreement with Gia Resources Inc. in Quebec, citing failure to meet exploration expenditures and share issuance requirements, and the Byron Pegmatite property purchase option in Ontario.

Regarding ongoing operations, SPOD reports that samples from the fall 2024 drilling program at MegaLi and LG4 properties were submitted to the lab in December 2024, with results expected in February 2025.

Positive

• None.

Negative

• Termination of Golden Moon property option agreement due to counterparty's failure to meet requirements
• Termination of Byron Pegmatite property purchase option agreement
• Reduction in finder's fee compensation indicates smaller private placement participation

Vancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - SPOD LITHIUM CORP. (CSE: SPOD; OTCQB: SPODF), (the "Company" or "SPOD") announces that, further to its news release dated December 23, 2024, the Company corrects the compensation made to Haywood Securities Inc. ("Haywood Securities") pursuant to a second tranche closing of a private placement offering (the "Offering").

In connection with the Offering, the Company paid a cash commission of $5,950 to Haywood Securities and issued 119,000 finder's warrants as part of their finder's fee compensation in connection with subscriptions received from subscribers introduced to the Offering by Haywood Securities. However, after closing of the Offering, the compensation has been reduced to $4,200 and 84,000 finder's warrants.

Termination Notices

Moreover, the Company provided a written termination notice to Gia Resources Inc. ("GIA"), to terminate the option agreement, as amended, pursuant to which the Company has granted GIA an option to earn a 100% interest in the Company's Golden Moon property in the Province of Quebec, consisting of 10 mineral claims, subject to the underlying NSRs on the property for failure to make the requisite exploration expenditures and common shares issuance. "The Golden Moon property shows promising prospects. The property is strategically located in the mineral-rich Chibougamau region in the Province of Quebec. Samples analyzed from the 2016 prospection program contained gold, silver and copper showings," commented Mathieu Couillard, SPOD's CEO.

The Company provided a second written termination notice to terminate its purchase option agreement to acquire a 100% interest in the Byron Pegmatite property, consisting of 46 unpatented mining claims located in the Province of Ontario.

Update of MegaLi & LG4 Properties

All samples collected during our fall 2024 drilling program on MegaLi and LG4 properties were sent to the lab in late December 2024. The results are expected to be received February 2025.

About Spod Lithium Corp.

Spod Lithium Corp. is a leading exploration and development company focused on unlocking the vast potential of lithium resources. With a strategic approach to resource management and a commitment to sustainable practices, SPOD is dedicated to driving innovation and delivering value for its stakeholders. Founded in 2020, its primary lithium properties are strategically located in Quebec and Ontario, Canada, regions renowned for their rich deposits of these valuable resources. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company through its website at www.spodlithiumcorp.com.

On Behalf of the Board of Directors

Mathieu Couillard
President, CEO & Director
+1 (647) 567-6757
mathieu.couillard@SPODlithiumcorp.com

Stay connected with SPOD
Website: www.spodlithiumcorp.com
Linkedin: www.linkedin.com/company/spod-lithium
X (formerly Twitter): www.x.com/spodlithium

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239241

FAQ

What changes were made to SPODF's finder's fees payment to Haywood Securities?

SPOD Lithium reduced the finder's fees payment to Haywood Securities from $5,950 to $4,200 in cash and from 119,000 to 84,000 finder's warrants for the second tranche private placement offering.

Why did SPOD Lithium terminate the Golden Moon property option agreement?

SPOD Lithium terminated the Golden Moon property option agreement with Gia Resources Inc. due to their failure to make the required exploration expenditures and common shares issuance.

When are the MegaLi and LG4 properties drilling results expected for SPODF?

The results from the fall 2024 drilling program samples at MegaLi and LG4 properties are expected to be received in February 2025.

How many mining claims were involved in the terminated Byron Pegmatite property agreement?

The terminated Byron Pegmatite property purchase option agreement involved 46 unpatented mining claims located in Ontario.