trending Market Intelligence /marketintelligence/en/news-insights/trending/kK9ZjvUSKnXzBJV3sdcRWA2 content esgSubNav
In This List

Ultra Lithium inks binding LOI to acquire Argentina lithium property stake


Global Clean Action Energy Forum


Insight Monthly, October 2022


Insight Weekly: Stocks endure more pain; bank branch M&A slows; debt ratios fall


Insight Weekly: Unease roils markets; US likely to slip into recession; firms' cash ratios fall

Ultra Lithium inks binding LOI to acquire Argentina lithium property stake

Ultra Lithium Inc. signed a binding letter of intent to acquire an 80% interest in a lithium salar property in Puna Plateau, Argentina, from Jinshan Minera Argentina SA.

The property comprises six lithium and two gold exploration licenses covering approximately 20,535 square kilometers.

Under the terms, Ultra Lithium will secure an initial 80% interest in the project during the exploration stage, which will increase to 90% when the company proceeds to the development stage.

The company will also be responsible for all the exploration and development expenditures on the property.

The transaction is subject to the signing of a definitive agreement upon completion of due diligence by Ultra Lithium, according to a Sept. 22 release.

In addition, the company plans to complete a nonbrokered private placement of up to 2 million units at 15 Canadian cents apiece to raise up to C$300,000.

Proceeds will be used to fund the exploration on Ultra Lithium's South Big Smoky Valley lithium project in Nevada, and for general working capital purposes.