Lithium Ionic has closed the acquisition of the remaining 15% stake in select Salinas properties, gaining 100% ownership of the lithium-rich assets in Minas Gerais, Brazil.
The acquisition was executed through its subsidiary, Neolit Minerals Participações, marking a significant expansion of the company’s foothold in the region known as the ‘Lithium Valley.’
The company settled the deal by paying the Brazilian Real equivalent of $2m in cash and issuing 2.5 million of its shares.
Additionally, Lithium Ionic is obligated to pay the Brazilian Real equivalent of $1m by 4 April 2025.
Located about 100km north of its Itinga group of properties, the Salinas properties expand Lithium Ionic’s control to 14,182 hectares within a geological belt hosting some of the world’s largest and highest-grade lithium-bearing pegmatites.
The acquisition of Neolit in March 2023 initially gave Lithium Ionic a 40% stake in the properties, which increased to 85% in October after meeting certain exploration commitments.
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Read More: Lithium Ionic gains full ownership of Salinas properties in Brazil