OROPLATA RESOURCES, INC. (OTCMKTS:ORRP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 – Entry into a Material Definitive Agreement
Joint Venture Agreement
On October 11, 2018, (the “Effective Date”), LithiumOre Corp., a Nevada corporation, a wholly owned subsidiary of Oroplata Resources, Inc., A Nevada corporation (“the Company”) entered into a Joint Venture Agreement(the “Agreement”) with CINC Industries, Inc., a Nevada corporation (“CINC”). The Agreement provides for the development and marketing of an extraction process of lithium brine (the “New Process”) that is expected to significantly decrease the amount of time required from lithium extraction to market. In addition, some of the other terms of the Agreement are as follows:
The New Process and the joint venture will be owned 50% by the Company and will be available for the Company’s processing of its own extracted lithium brine as well as marketing to other lithium miners.
CINC is responsible for the engineering support for the New Process and associated manufacture, testing and filing of appropriate process and product patents related to the New Process.
The Company has a right to market CINC’s existing centrifuge equipment to the global battery metals mining industry throughout North America.
The initial term of the Agreement is five years. The parties to the Agreement have 60 days to finalize the budget for the funding of the joint venture which shall be the primarily responsibility of the Company. If the parties fail to finalize the budget during that time, either party may terminate the Agreement.
ORRP issued 250,000 shares of restricted common stock to an affiliate of CINC as consideration to CINC to enter into the Agreement.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K
Exhibit No.Description
10.1 Joint Venture Agreement between LithiumOre Corp. and CINC Industries, Inc. dated October 8, 2018.
Oroplata Resources, Inc. Exhibit…To view the full exhibit click here
About OROPLATA RESOURCES, INC. (OTCMKTS:ORRP)
Oroplata Resources Inc, located in Puerto Plata, Dominican Republic, is an exploration stage company engaged in mineral properties mining. It was founded in 2011.