Ultra Lithium partners with Zangge Mining for Laguna Verde Brine Lithium Project in Argentina
2022-06-21 14:18:27 [Print]
Canada-based Ultra Lithium Inc. announced on June 20 that it has entered into a definitive agreement with Zangge Mining Investment (Chengdu) Co. Ltd., for exploration and development of its 100% owned Laguna Verde Brine Lithium Project in Catamarca Province, Argentina.
Under the terms of the agreement, Zangge will, in staged payments, pay US$10 million to Ultra Lithium and invest US$40 million in the Laguna Verde Project as work expenditures for a 65% stake in Ultra Argentina S.R.L. which is a subsidiary of Ultra Lithium and holds the Laguna Verde Property. The investment is subject to regulatory approvals and due diligence.
Under the terms of the agreement, Zangge will, in staged payments, pay US$10 million to Ultra Lithium and invest US$40 million in the Laguna Verde Project as work expenditures for a 65% stake in Ultra Argentina S.R.L. which is a subsidiary of Ultra Lithium and holds the Laguna Verde Property. The investment is subject to regulatory approvals and due diligence.
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