Lithium Power International
Lithium Power International Limited (ASX: LPI) (LPI or the Company) today announced the execution of a Share Purchase Agreement with the Canadian based company, Vertex Lithium Corporation (Vertex), to acquire LPI's 70 per cent of lithium exploration properties on the Centenario Salar ("Centenario") in Argentina.
A previous sell down of a 30 per cent interest in the Centenario properties to the ASX-listed
company, Marquee Resources Ltd (ASX:MQR) occurred in 2018.
Centenario has been held by LPI since the Company was established and was part of the asset
portfolio for its successful IPO in June 2016. LPI's focus in Latin America is now primarily on
developing the flagship Maricunga lithium brine project in Chile.
The Centenario transaction with Vertex releases the Company from future annual exploration
spending obligations set under Argentinean regulations. It also removes the cost of holding the asset
in a foreign jurisdiction in which the Company had no plans to conduct future exploration.
The transaction provides LPI with a realisation of value, the basic details of the transaction being:
- Cash payments of USD$700,000, plus USD$40,000 to cover the costs to execute the transaction; and
- The issue of CAD$250,000 worth of fully paid ordinary shares in Vertex.
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