Dundarave Resources Inc. announced that, further to the news release announcing the entering into a binding letter of intent (the 'LOI') on September 24, 2014, it has entered into a definitive agreement dated November 25, 2014 with Perfect Lithium Corp. (PLC), which replaces the LOI and sets out the terms of a proposed business combination between Dundarave and PLC . Upon completion, the Transaction will constitute a reverse take-over of Dundarave by PLC, with the resulting company to be renamed 'Nano One Materials Corp.'

(the 'Resulting Issuer'). Dundarave and PLC are at arm's length to each other. On closing of the Transaction, the board of directors of the Resulting Issuer will be comprised of Paul Matysek, who will also act as Chairman, Dan Blondal, who will also act as Chief Executive Officer, John Lando, who will also act as President, Lyle Brown, and Dr. Joseph Guy.

Tammy Gillis will act as the Chief Financial Officer of the Resulting Issuer. Mr. Brown serves on the boards of Northern Lion Gold Corp., New World Resource Corp. and FEC Resources Inc. Dr. Joseph Guy is a Patent Agent in Perkins Law Firm's Intellectual Property group focusing on complex technologies including material science, electronic components, pharmaceuticals and medical products.

Ms. Gillis is currently the CFO for New World Resource Corp. and Northern Lion Gold Corp.