Business
Lithium Chile Strengthens Strategic Position in Arizaro Project with Acquisition of Additional Stake
(TheNewswire) CALGARY, ALBERTA, December 9, 2024 – TheNewswire – ...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Strengthens Strategic Position in Arizaro Project with Acquisition of Additional Stake\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n CALGARY, ALBERTA, December 9,\n2024\n \n\n –\n \n\n TheNewswire –\n \n\n Lithium Chile Inc\n \n\n .\n(“\n \n\n Lithium Chile\n \n\n ” or the “\n \n\n Company\n \n\n ”) is pleased to announce it has\nentered into a purchase agreement (the “\n \n\n Agreement\n \n\n ”) with\nLitiAr S.A. (“\n \n\n LitiAr\n \n\n ”) to acquire an additional 17.8%\ninterest in the Salar de Arizaro, Argentina project (the\n“\n \n\n Arizaro Project\n \n\n ”). This acquisition increases Lithium Chile’s interest\nin the Arizaro Project to 80%, which recently reported a pre-tax Net\nPresent Value (NPV) of USD $3.8 billion in an NI 43-101 compliant\nprefeasibility study (the “\n \n\n\n\n Pre-Feasibility Study\n \n\n\n\n ”).\n \n\n\n\n Under the terms of the Agreement, Lithium Chile will\npay for the additional interest through the issuance of 19,000,000\ncommon shares and a cash payment of CAD $2.7 million.\n \n\n\n\n This acquisition is required to complete the\nCompany’s objective of consummating a sale transaction on the\nArizaro Project in Argentina - the objective of the strategic process\ninitiated on September 21, 2023.\n \n\n\n\n Steve Cochrane, President and CEO, commented, “We\nhave been in negotiations on this\n \n\n acquisition for some time now. This\ncomponent of our overall objective could not be completed until the\nCompany finalized earning of its interest in the Arizaro Project by\nmaking the final payment and finalizing the Pre-Feasibility Study –\neach of which was completed recently. We remain committed to\ncapitalizing on the value we have built on the Arizaro project which\nis a world class premier lithium project.”\n \n\n\n\n Lithium Chile must complete the purchase within a\nperiod of 90 days; however, if Lithium Chile is in the process of\nclosing a formal agreement regarding the sale of its interest in the\nArizaro Project, the completion deadline will be extended to 60 days\nfollowing the date upon which Lithium Chile is able to satisfy the\nconditions of such sale agreement. The purchase price for the\nadditional interest in t...