August 2, 2017 / 4:10 AM / in 4 months

BRIEF-Power Metals and MGX Minerals form partnership over lithium portfolio

Aug 2 (Reuters) - Power Metals Corp -

* Power Metals Corp and MGX Minerals Inc form accretive partnership over lithium portfolio

* XMG will acquire all of company’s current U.S. Petrolithium brine assets

* XMG will take a 20 percent working interest in all of company’s current hard rock assets

* Power Metals - XMG will have right to purchase additional 15 percent working interest of Co’s hard rock assets for 36 months for a total of C$10,000,000

* XMG will pay to PWM 3,000,000 common shares of XMG.

* XMG will receive call option to purchase up to 10,000,000 common shares of PWM at a price of C$0.65 per share for 36 months Source text for Eikon: Further company coverage:

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