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Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) has announced a debt settlement agreement to acquire full ownership of its flagship Arapaima Lithium Project in Minas Gerais, Brazil. The company will issue 3,666,667 common shares at $0.15 per share to settle a CAD$550,000 debt with an arms-length creditor.
The Arapaima Lithium Project, covering 64,359 hectares, is now the largest contiguous land package in Brazil's 'Lithium Valley'. It is strategically located near major industry players, positioning Spark Energy Minerals at the center of this growing lithium region.
Additionally, Spark Energy Minerals announced that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company (DTC) in the United States, potentially enhancing liquidity and accessibility for investors.
Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) has provided a corporate update on its flagship Arapaima Lithium Project in Brazil's 'Lithium Valley'. The project covers 63,709 hectares, making it the largest contiguous landholding in the region. Key highlights include:
1. Strategic location near major industry players like Lithium Ionic and Sigma Lithium.
2. Advanced exploration techniques have identified promising lithium-rich targets.
3. Spodumene detected in stream sediments, indicating high lithium potential.
4. Q4 2024 work program focusing on areas identified through remote sensing and geophysical data.
5. Brazil's lithium market is growing rapidly, with significant developments like Sigma Lithium's expansion and Pilbara Minerals' acquisition of Latin Resources.
The company also introduced its management team, including CEO Eugene Hodgson and VP Exploration Jonathan Hill, highlighting their extensive experience in the resource industry.
Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) has completed its acquisition of Latam Energy Acquisition Corp. The transaction involved issuing 20 million common shares of Spark at $0.7 per share to Latam shareholders. Through this acquisition, Spark has gained rights to the Joaima and Vertex Projects in Minas Gerais, Brazil, totaling 36,479 hectares of lithium tenements.
The acquired projects are strategically located in Brazil's Lithium Valley, near major lithium players. As part of the transaction, Michael Stier, former CEO of Latam, has joined Spark's board of directors. Mario Drolet has resigned from the board. Eugene Hodgson, CEO of Spark, emphasized that this acquisition expands their footprint in Brazil's Lithium Valley, positioning Spark as a major player in the region.
Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) has entered into a definitive securities exchange agreement with Latam Energy Acquisition Corp. to acquire all of Latam's issued and outstanding shares. The transaction involves 20,000,000 common shares of Spark at a deemed price of $0.07 per share, totaling $1,400,000 in consideration. Latam holds rights to significant lithium assets in Brazil, mostly adjacent to Spark's current assets in Minas Gerais.
Upon closing, expected by October 15, 2024, Michael Stier, CEO of Latam, will join Spark's board of directors. The acquisition aims to strengthen Spark's position in Brazil's lithium sector and expand its presence in one of the world's most promising lithium regions.
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