SPOD Lithium Corrects Finder's Fees Payment, Terminates Property Agreements

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 and the termination of option agreements for two properties. These developments highlight the company's commitment to financial discipline and strategic portfolio management.



Finder's Fees Correction

In a recent news release, SPOD announced that it has reduced the compensation made to Haywood Securities Inc. (Haywood Securities) for a second tranche closing of a private placement offering. The company initially paid a cash commission of $5,950 and issued 119,000 finder's warrants. However, after the closing of the offering, the compensation was reduced to $4,200 and 84,000 finder's warrants. This reduction represents a decrease of approximately 30% in cash and finder's warrants, indicating a more cost-effective approach to capital raising.

Termination of Property Agreements

SPOD has also provided written termination notices to two partners, Gia Resources Inc. and an unnamed party, for the Golden Moon property option agreement in Quebec and the Byron Pegmatite property purchase option in Ontario, respectively. The termination of the Golden Moon property agreement was due to the failure of the partner to meet exploration expenditures and common shares issuance requirements. The Byron Pegmatite property agreement was terminated without specifying the reason.

These terminations allow SPOD to reassess its property portfolio and focus resources on more promising or advanced-stage projects. By terminating agreements with partners who are not fulfilling their contractual obligations, SPOD can better manage its exploration and development activities.

Ongoing Operations and Future Prospects

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. These results could provide valuable insights into the lithium potential of these properties and influence the company's future prospects and valuation. Positive results could enhance the company's resource base and attract more investors, while negative results could lead to a temporary setback. However, the company's long-term prospects will ultimately depend on its ability to successfully explore, develop, and extract lithium resources from its properties.

In conclusion, SPOD Lithium Corp.'s recent announcements demonstrate the company's commitment to financial discipline and strategic portfolio management. By correcting finder's fees payments and terminating property agreements, SPOD is better positioned to focus resources on its core operations and exploration activities. The upcoming results from the fall 2024 drilling program at MegaLi and LG4 properties could significantly influence the company's future prospects and valuation, as investors await the potential discovery of new lithium resources.