LAS VEGAS, Dec. 2, 2010 (GLOBE NEWSWIRE) -- Oteegee Innovations Inc. (OTCBB:OTGI) is pleased to announce it has closed its Agreement to acquire a one hundred (100%) interest in the Abigail Lithium Project located in the James Bay, Quebec region of Canada. The Company issued a total of fifteen (15) million common shares to the selling group plus will pay in installments over a six-month period an additional $250,000 in cash. In addition, the Company has agreed to a minimum initial exploration work budget of $300,000 to commence no later than May 16, 2011. The Company has agreed to pay the selling group a 3% royalty on any commercial producing mineral deposit.
The Company is also cancelling 61,647,250 of its common shares issued to Oteegee International Holdings Limited pursuant to its terminated share exchange agreement. Upon termination, the Company's new share structure will consist of 30,390,000 shares issued and outstanding.
Finally, the Company is in the process of building an effective board of directors that will have a clear understanding of its roles and responsibilities and will be consistent with the Company's corporate direction.
About the Property
The Abigail Property is easily accessible which greatly enhances the economics of the project plus it is on strike with the spodumene-bearing pegmatite located on the Whabouchi property held by Nemaska Exploration Inc.The property is located 1.5 km east of Nemaska Exploration's Whabouchi lithium project. Nemaska has recently confirmed battery-grade lithium carbonate (Li2CO3) grading at 99.96% produced from its spodumene concentrate. This grading amplifies the overall value of the Abigail property and the Company is anxious to begin its testing and drilling in order to confirm its battery grade lithium carbonate percentage.
The Oteegee Innovations, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7579
CONTACT: Oteegee Innovations Inc. Jordan Starkman, CEO 1-800-854-7970 www.oteegeeinnovations.com www.tucanaexploration.com