UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 10, 2016
LITHIUM CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 000-54332 98-0530295
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1031 Railroad St., Ste. 102B, Elko, NV 89801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (775) 410-5287
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT
On March 10, 2016, we entered into an exploration earn-in agreement, dated
effective February 10, 2016 between our company and 1032701 B.C. Ltd., a British
Columbia corporation, with respect to our Fish Lake Valley lithium brine
property in Esmeralda County, Nevada.
Terms of the agreement include payment of $300,000, issuance of 400,000 common
shares of the publicly traded company anticipated to result from a Going Public
Transaction (as defined in the agreement), and work performed on the property by
the Optionee in the amount of $1,100,000 over the next three years to earn an
80% interest in the property. 1032701 then has a Subsequent Earn-In option to
purchase our company's remaining 20% working interest within one year of earning
the 80% by paying our company a further $1,000,000, at that point our company
would retain a 2.5% Net Smelter Royalty, half of which may be purchased by
1032701 for an additional $1,000,000. Should the Purchaser elect not to exercise
the Subsequent Earn-In, a joint venture will be established. During the Joint
Venture, should either party be diluted below a 10% working interest - their
interest in the property will revert to a 7.5% Net Smelter Royalty. The first
tranche of cash and shares are to be issued within 60 days of the signing of the
agreement.
ITEM 7.01 REGULATION FD DISCLOSURE
On March 10, 2016, we issued a news release announcing that our company has
entered into an exploration earn-in agreement with 1032701 B.C. Ltd. with
respect to our Fish Lake Valley lithium brine property in Esmeralda County,
Nevada.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
10.1 Exploration Earn-In Agreement dated effective February 10, 2016 between
our company and 1032701 B.C. Ltd.
99.1 News release dated March 10, 2016
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LITHIUM CORPORATION
/s/ Brian Goss
---------------------------------
Brian Goss
President and Director
Date: March 15, 2016
2