Argosy Minerals Ltd. said Oct. 10 that it terminated an investment deal with Chinese battery company Qingdao Qianyun High-tech New Material Co. Ltd. after it declined to give an extension to satisfy certain conditions for the placement.

Under the deal, Argosy would have issued shares representing up to 19.9% of the company to Qingdao Qianyun at a price of 8.5 Australian cents each.

Argosy will return an off-take prepayment deposit of US$750,000 as part of the agreement.

Qingdao Qianyun, meanwhile, requested the termination of the off-take agreement for the supply of battery-grade lithium from the Rincon lithium project in Argentina.

Argosy said it will not accept the request and the agreement remains in effect and is not contingent on the completion of the placement.