The field exploration agreement is with the Bingwi Neyaashi Anishinaabek, Biinjitiwaabik Zaaging Anishinaabek and Red Rock Indian Band.
Each First Nations group will be granted 1 million common share warrants, which will entitle them to purchase one share in Imagine's capital at C$0.11/share (US$0.087/share) for a period of five years.
Imagine was quoted on the Toronto Stock Exchange at C$0.10/share on March 21. The stock has fallen steadily since February 4, when it closed the session at C$0.19/share. In 2012, the company's share price hit as high as C$4/share.
Imagine has a market capitalisation of C$21.4 million.
Imagine's president and CEO, JC St-Amour, said the agreement is in line with the company's environmental, social and governance (ESG) goals in that it involves a working relationship with the First Nation groups and is intended to provide opportunities for employment, education and training.
"Never has there been a better time to be involved in lithium exploration in Ontario, with the provincial government unveiling its first ever critical minerals strategy that aims to position Ontario as a global leader in the supply chain of critical minerals and outlines a made-in-Ontario electric vehicle supply chain strategy," St-Amour said.
"Our goal this year is to aggressively drill, define and expand the known lithium mineralised areas while making new lithium discoveries on this vast property in Ontario," he said.
