Advantage Lithium finalises deal with Orocobre for Argentinian assets
Advantage Lithium Corp (CVE:AAL) has finalised the terms of its deal with Argentinian lithium producer Orocobre to acquire several lithium brine projects in the South American country.
The transaction will see Advantage acquire an initial 50% stake in the Cauchari with the potential to acquire a further 25% if it spends US$5mln on exploration over the next three years or if completes a NI 43-101 feasibility study in that period.
The two parties will form a joint venture to develop the project, which hosts an inferred resource of 470,000 tonnes of lithium carbonate equivalent and 1.62mln tonnes of potash.
“The Cauchari salar is seen as a high-priority source of future lithium production and we are excited to have the funding and partnership to aggressively develop our presence there,” said Advantage chief executive David Sidoo.
Advantage will also acquire a 100% stake in five other projects.
In return, Orocobre will receive 54.5mln AAL shares which will be locked in for a certain timeframe once the deal has completed.
Orocobre will also be issued with a further 3mln warrants which can be exercised for C$1 each within 24 months of closing.
To fund the development work at Cauchari and the other assets, Advantage Lithium has also confirmed the final details of a C$20mln private placing.
The firm will issue 26.67mln shares at C$0.75 to raise the money. Each share comes with a half warrant and each whole warrant can be exercised within two years for C$1.
Shares ticked higher in early deals to C$0.90.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/172125/advantage-lithium-finalises-deal-with-orocobre-for-argentinian-assets-172125.html
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