- Lithium Ionic Corp. (LTH) has acquired two strategic lithium mining licences
- The two large licences are located about 2 km to the west of the large Xuxa lithium deposit of Sigma Lithium and about 3 km to the northwest of the CBL lithium mining operation
- Lithium Ionic has paid US$3,310,000 to Galvani to close the transaction
- Lithium Ionic Corp. is a publicly-traded company which owns a 100-per-cent ownership interest in the Itinga lithium project in Brazil
- Lithium Ionic Corp. opened trading at $1.78 per share
Lithium Ionic Corp. (LTH) has acquired two strategic lithium mining licences from Galvani Nordeste Mineracao Ltda.
The two licences are located approximately 2 kilometres to the west of the large Xuxa lithium deposit of Sigma Lithium and approximately 3 kilometres to the northwest of the CBL lithium mining operation.
“The Galvani Property, specifically the Outro Lado showing, has shown the kinds of grades and widths we feel could potentially lead Lithium Ionic to a significant resource,” said Blake Hylands, Chief Executive Officer of Lithium Ionic.
“The Galvani Property is an excellent addition to our land holdings in this prolific lithium belt,” he added.
In line with the terms of the asset-purchase agreement between the company, MGLIT Empreendimentos Ltda., the company’s wholly-owned subsidiary, and Galvani Nordeste Mineracao Ltda., Lithium Ionic has paid an aggregate cash amount of US$3,310,000 to Galvani to close the transaction.
The transaction is at arm’s length, and the company has not paid any finder fees in connection therewith. The TSX Venture has approved the closing of the transaction.
Lithium Ionic Corp. is a publicly-traded company which owns a 100-per-cent ownership interest in the Itinga lithium project in Brazil.
Lithium Ionic Corp. opened trading at $1.78 per share.