Edison Lithium Arranges Sale of Interest in Argentinian Lithium Properties for US$3.5 Million
Edison Lithium Corp (TSXV: EDDY) has accepted a non-binding purchase offer from Mava Gasoil for the sale of its Argentina subsidiary, Resource Ventures S.A. (ReVe), for USD$3.5 million. The deal includes 30 mining concessions covering 104,538 hectares in Catamarca Province's Antofalla and Pipanaco Salars. Edison will retain 8 mining concessions (35,000 hectares), representing 25% of current ReVe claims. The transaction requires a USD$100,000 initial deposit and remaining payments upon closing, subject to TSXV and shareholder approvals, with completion expected within 45 days of TSXV approval.
Edison Lithium Corp (TSXV: EDDY) ha accettato un'offerta di acquisto non vincolante da parte di Mava Gasoil per la vendita della sua filiale argentina, Resource Ventures S.A. (ReVe), per 3,5 milioni di USD. L'accordo include 30 concessioni minerarie che coprono 104.538 ettari nelle saline Antofalla e Pipanaco della provincia di Catamarca. Edison conserverà 8 concessioni minerarie (35.000 ettari), rappresentando il 25% delle attuali rivendicazioni di ReVe. La transazione richiede un deposito iniziale di 100.000 USD e i pagamenti rimanenti al momento della chiusura, soggetti all'approvazione di TSXV e degli azionisti, con completamento previsto entro 45 giorni dall'approvazione di TSXV.
Edison Lithium Corp (TSXV: EDDY) ha aceptado una oferta de compra vinculante de Mava Gasoil para la venta de su filial argentina, Resource Ventures S.A. (ReVe), por 3,5 millones de USD. El acuerdo incluye 30 concesiones mineras que cubren 104,538 hectáreas en las salinas Antofalla y Pipanaco en la provincia de Catamarca. Edison conservará 8 concesiones mineras (35,000 hectáreas), representando el 25% de las reclamaciones actuales de ReVe. La transacción requerirá un depósito inicial de 100,000 USD y los pagos restantes al cierre, sujetos a la aprobación de TSXV y de los accionistas, con la finalización prevista dentro de los 45 días posteriores a la aprobación de TSXV.
에디슨 리튬 주식회사 (TSXV: EDDY)는 Mava Gasoil로부터 아르헨티나 자회사인 Resource Ventures S.A. (ReVe)의 매각을 위해 350만 달러의 비구속 구매 제안을 수락했습니다. 이번 거래에는 카타마르카 주의 안토팔라 및 피파나코 소금호수가 있는 104,538헥타르를 커버하는 30개의 광산 허가가 포함됩니다. 에디슨은 8개의 광산 허가(35,000헥타르)를 보유하여 현재 ReVe 청구의 25%를 차지하게 됩니다. 이 거래는 100,000달러의 초기 보증금과 잔여금 지급을 요구하며, TSXV와 주주 승인에 따라 진행되어야 하며, TSXV 승인이 완료되는 날로부터 45일 이내에 완료될 것으로 예상됩니다.
Edison Lithium Corp (TSXV: EDDY) a accepté une offre d'achat non contraignante de Mava Gasoil pour la vente de sa filiale argentine, Resource Ventures S.A. (ReVe), pour 3,5 millions USD. L'accord comprend 30 concessions minières couvrant 104 538 hectares dans les salins d'Antofalla et de Pipanaco dans la province de Catamarca. Edison conservera 8 concessions minières (35 000 hectares), représentant 25 % des revendications actuelles de ReVe. La transaction nécessite un dépôt initial de 100 000 USD et des paiements restants au moment de la clôture, soumis à l'approbation de la TSXV et des actionnaires, avec une finalisation prévue dans les 45 jours suivant l'approbation de la TSXV.
Edison Lithium Corp (TSXV: EDDY) hat ein unverbindliches Kaufangebot von Mava Gasoil zum Verkauf seiner argentinischen Tochtergesellschaft, Resource Ventures S.A. (ReVe), über 3,5 Millionen USD angenommen. Der Deal umfasst 30 Bergbaukonzessionen, die 104.538 Hektar in den Salinas Antofalla und Pipanaco in der Provinz Catamarca abdecken. Edison wird 8 Bergbaukonzessionen (35.000 Hektar) behalten, was 25 % der aktuellen Forderungen von ReVe entspricht. Die Transaktion erfordert eine Anzahlung von 100.000 USD und die restlichen Zahlungen bei Abschluss, vorbehaltlich der Genehmigungen von TSXV und den Aktionären, mit einer erwarteten Vollziehung innerhalb von 45 Tagen nach Genehmigung durch TSXV.
- Sale agreement worth USD$3.5 million for lithium properties
- Company retains 25% of claims (35,000 hectares) for future development
- Transaction structured with minimal closing conditions
- Initial USD$100,000 deposit not yet received
- Transaction is non-binding and subject to multiple approvals
- Potential delays due to required documentation and apostilles
- Company divesting majority of its lithium claims in Argentina
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Edison Lithium Corp. (TSXV: EDDY) (OTC Pink: EDDYF) (FSE: VV0) ("Edison" or the "Company") is pleased to announce that, effective November 12, 2024, it has accepted a non-binding purchase offer letter from Mava Gasoil LLC ("Mava"), a corporation based in Houston Texas, for the sale of
ReVe controls the rights to prospective lithium brine claims in the province of Catamarca, Argentina. The claims are principally located in the two geologic basins known as the Antofalla Salar and the Pipanaco Salar. ReVe's assets on closing of the disposition to Mava will include 30 mining concessions covering approximately 104,538 hectares area in Catamarca Province, Argentina. The Company will retain and focus its Argentinian efforts on 8 mining concessions covering approximately 35,000 hectares area in Catamarca Province, Argentina, which are not subject to the sale and amount to approximately
The parties to the purchase offer letter agreed to negotiate a definitive agreement in good faith to give effect to this disposition and close the transaction within 45 days after the TSX Venture Exchange ("TSXV") has approved this transaction. The sale terms include Mava paying the Company an initial USD
Completion of the disposition contemplated by the purchase offer letter remains subject to, amongst other things, final documentation, the negotiation and execution of a definitive agreement and approvals from the TSXV and shareholders of the Company, if required. The Company and Mava are at arms-length, and no finders' fees or commissions are payable in connection with completion of the sale contemplated by the purchase offer letter.
In addition, the disposition contemplated by the purchase offer letter is subject to delivery by the Company to Mava of certain documents with the appropriate apostilles, this process may delay the closing of the disposition and receipt of payments noted above. However, there is no guarantee that the transaction will proceed as outlined above or that the disposition will be completed at all.
About Edison Lithium Corp.
Edison Lithium Corp. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, alkali and other energy metal properties. The Company's acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in areas with proven geological potential. Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery metals space.
On behalf of the Board of Directors:
"Nathan Rotstein"
Nathan Rotstein
Chief Executive Officer and Director
For more information please contact:
Tel: 416-526-3217
Email: info@edisonlithium.com Website: www.edisonlithium.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Disclaimer: This news release contains certain forward-looking statements. Statements that are not historical facts, including statements about Edison's beliefs and expectations, are forward- looking statements. Forward-looking statements involve inherent risks and uncertainties and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "will be", "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue,", "proposes", "contemplates", "is/are likely to" or other similar expressions. All information provided in this news release is as of the date of this news, and the Company undertakes no duty to update such information, except as required under applicable law.
Forward-looking statements in this press release relate to, among other things: the payment of the initial deposit, the timing for closing, the negotiation and signing of the definitive agreement, the receipt of all required TSXV approvals for the disposition, the Company retaining and focusing on certain claims currently held by ReVe, the closing of the transaction and the payment of the purchase price. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of management on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: determination of acceptable terms for the proposed definitive agreement, receipt of all required TSXV and any shareholder approvals required for the disposition, and payment of purchase price. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230268
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