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Lithium Energy accelerates Jackpot Lake lithium property acquisition

Lithium Energy Products Inc. said Jan. 11 that it completed its acquisition of the Jackpot Lake lithium property in Nevada.

The Jackpot Lake property consists of 140 placer claims in the Clark County, covering around 2,800 acres.

The company agreed with the seller on an immediate transfer of the property for a payment of 759,259 in Lithium Energy shares at the Jan. 10 closing price of 13.5 Canadian cents apiece for a total of about C$102,500. The remaining payment of C$102,500 will be made within six months of the project transfer.

Lithium Energy was originally required to make a final payment of C$205,000 by July 26, to acquire the property.

The transaction remains subject to the TSX Venture Exchange approval.

The company's shares closed at an 18.52% loss on Jan. 11.