Ion Energy Ltd. (TSXV:ION) agreed to acquire Bliss Lake Lithium Pegmatite Project in NWT, Canada from Li-FT Power Ltd. (CNSX:LIFT) for CAD 0.5 million on May 11, 2023. The immediate consideration for the acquisition will consist of two equity tranches. The first tranche will be a value of CAD 150,000 of the Company shares at a deemed value of CAD 0.35 and the second tranche will have a value of CAD 350,000 of Company shares at a deemed value of CAD 0.35 subject to a 4 month hold period.

The Company will also grant to the seller a 1.0% Net Smelter Royalty (NSR), with the Company having the right to repurchase one half of the NSR at any time for CAD 500,000.