- Alchemist Mining Inc. (AMS) has closed its acquisition of LiTHOS Technology Corp.
- LiTHOS Technology has a direct investment in AcQUA’s patented wastewater solutions technology for direct lithium extraction (DLE) from continental brine reservoirs enriched with lithium
- The lithium price currently sits at US$23.905/kg
- Alchemist Mining Inc. (AMS) opened trading at $0.60 per share
Though lithium prices have been moving downward since the beginning of the year, the metal has been working on a rebound in growth among battery makers which may finally help gather pace.
Its price currently sits at US$23.905/kg and some analysts have proposed that falling lithium prices could make batteries for electric vehicles cheaper.
This is of special interest to Alchemist Mining Inc. (AMS) who just closed its acquisition of LiTHOS Technology Corp.
Under the agreement, Alchemist has acquired all of the outstanding securities of LiTHOS by way of a “three-cornered” amalgamation.
LiTHOS Technology has a direct investment in AcQUA’s patented wastewater solutions technology for direct lithium extraction (DLE) from continental brine reservoirs enriched with lithium.
AcQUA is a unique modular technology which is capable of selective purification and concentration of lithium-containing brines prior to extracting lithium chloride, thereby avoiding the typical challenges faced by chemically-intensive DLE technologies currently in the development phase.
AcQUA will enable lithium mining and brine resource operators to deploy economically viable and sustainable field-ready extraction solutions.
Lithos also holds a 100-per-cent interest in mineral claims spanning approximately 6,140 acres in the Arizona lithium brine basin known as the “Cactus Jack” and “Pac-Man” properties.
Upon closing, each of the outstanding LiTHOS shares will be cancelled, and each respective LiTHOS shareholder will receive their pro rata portion of an aggregate of 15,000,000 common shares at a deemed price of $0.30 per share.
In addition, the company has agreed to issue a total of 10,000,000 performance shares to certain employees and consultants of LiTHOS at a deemed price of $0.30 per performance share.
The company currently has 33,360,162 shares issued and outstanding. At the time of closing, following the issuances of the shares to the former LiTHOS shareholders and the performance shares to certain employees and consultants of LiTHOS, an aggregate of 58,360,162 shares are expected to be issued and outstanding.
In connection with the transaction, Alchemist has agreed to advance a bridge loan in the amount of $400,000 to LiTHOS.
Alchemist Mining Inc. (AMS) identifies, evaluates, and acquires mineral exploration properties located in Canada and the United States.
Alchemist Mining Inc. (AMS) stock has risen 100 per cent since this time last year and opened trading at $0.60 per share.
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