Equitorial Exploration Corp. completed the acquisition of the Tule Valley lithium brine project in Utah and Gerlach lithium brine property in Nevada from Umbral Energy Corp.
The company paid C$50,000 as well as issued 2 million shares to Umbral at 7.5 cents apiece, according to an April 7 release.
Equitorial also assumed a C$100,000 payment to the underlying project owner. The owner will retain a 2% net smelter return royalty over the assets.
The deal was first announced in February.