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Equitorial closes purchase of 2 lithium brine properties from Umbral Energy

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.