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Lithium South Announces Signing of Acceptance Letter for Share Purchase Agreement with POSCO Argentina S.A.U.
Highlights Share Purchase Agreement Acceptance Letter signed with POSCO Argentina S.A.U. ...
About this update from Lithium South Development Corporation
[{"type":"text","content":"Lithium South Announces Signing of Acceptance Letter for Share Purchase Agreement with POSCO Argentina S.A.U.HighlightsShare Purchase Agreement Acceptance Letter signed with POSCO Argentina S.A.U.Sale of NRG Metals Argentina S.A. for US$65 MillionAll Company common shares to be redeemed at CAD$0.505 per common shareAnnual and General and Special Meeting called for February 19, 2026 for shareholder approval to the transaction VANCOUVER, BC / ACCESS Newswire / December 8, 2025 / Lithium South Development Corporation (the \"Company\" or \"Lithium South\") (TSX-V:LIS)(OTCQB:LISMF)(Frankfurt:OGPQ) is pleased to announce that, further to its news releases of July 30, 2025, August 7, 2025, September 22, 2025, November 12, 2025 and November 20, 2025, it has signed a Share Purchase Agreement (\"SPA\") with POSCO Argentina S.A.U. (\"POSCO\") which establishes the terms for the sale of NRG Metals Argentina S.A., the wholly owned subsidiary of the Company (the \"Transaction\") and 100% holder of the Hombre Muerto North Lithium Project, Sophia I, II and III claims as well as the recently acquired Hydra X and XI claims located in Salta Province, Argentina. Terms of the sale are is a cash price of US$65 million before taxes, payment of the Hydra X and XI claims and other closing costs. Canaccord Genuity Corp. acted as Financial Advisor in connection with this transaction. R.C.I. Capital acted as Strategic Advisor in connection with this transaction.Annual General and Special MeetingThe Company has scheduled its annual general and special meeting (the \"AGSM\") for February 19, 2026 for disinterested shareholders to vote on the Transaction. The record date for the shareholders entitled to vote at the AGSM has been set as January 5, 2026.Share RedemptionIn connection with the Transaction, the Company intends to redeem 100% of its issued and outstanding common shares (each a \"Share\") from the shareholders at a redemption price of CAD$0.505 per Share. Further details on the redemption process will be provided shortly.Options and WarrantsAll in-the-money incentive stock options (\"Options\") and common share purchase warrants (\"Warrants\") must be exercised prior to the effective date of the Transaction which is expected to be in March 2026. The following tranches of outstanding warrants have an expiry date prior to the estimated closing in Marc...