On August 8, 2016, Dajin Resources announced that Dajin's wholly owned Argentinian subsidiary, Dajin Resources S. A., has signed a binding Memorandum of Understanding ("MOU") with Lithium S Holdings Corporation ("Lithium S") whereby Lithium S has been granted an option to earn a 51% interest in Dajin's lithium properties in Argentina (the "Project).
On October 27, 2016, Dajin reported that it has completed a Share Purchase agreement with Lithium S whereby Lithium S will earn a 51% interest in Dajin Resources S.A. by making a payment of $1.0M in cash (which has been paid) and expending a total of $2.0M on mineral concessions held by Dajin Resources S.A.
Lithium S has also completed a $500,000 non-brokered private placement financing of units (the "Units") with Dajin at a price of $0.18 per Unit. Each Unit is comprised of one common share of Dajin and one share purchase warrant of Dajin exercisable into one common share at $0.25 expiring two years from the date of issuance. These securities have a 4 month hold period expiring February 26, 2017.
Lithium S is a wholly owned subsidiary of LSC Lithium Inc. ("LSC"). LSC is a minerals exploration company working with the Enirgi Group Corporation ("Enirgi Group"), a Canadian company based in Toronto. Together, they are focused on the development of Lithium brines in Argentina. LSC was co-founded by Stephen Dattels and Michael Beck, who are well known mining financiers having developed many successful mining projects internationally.
On July 7, 2016, Enirgi Group announced positive results of the Definitive Feasibility Study (DFS) for the Salar del Rincon Lithium project ("Rincon Project"), located in Salta province, Argentina. Enirgi Group owns 100% of the Rincon Project through its wholly owned subsidiary ADY Resources. The project's lithium carbonate plant will be designed to process 50,000 tonnes of battery grade lithium carbonate per year directly from raw, unconcentrated brine using Enirgi Group's proprietary lithium extraction technology. This technology is developed in-house by Enirgi Group's Innovation Division in cooperation with the Australian Nuclear Science and Technology Organisation (ANSTO).
On February 22, 2017, it was announced that Oakham Capital Corp. has changed its name to LSC Lithium Corp. (LSC) and closed its previously announced qualifying trasaction, consisting of the acquisition of all of the issued and outstanding common shares in the capital of LSC Lithium Inc. by way of a three-cornered amalgamation pursuant to the provisions of the Business Corporations Act (British Columbia). On February 28, 2017 LSC started trading publicly on the TSX Venture Exchange under the trading symbol "LSC-V".