Lithium Energy (ASX:LEL) received a second deposit of $6 million from CNGR Netherlands New Energy Technology (CNNET), a unit of China's CNGR Advanced Material, as part of the broader $63 million total sale price of the company's Solaroz lithium brine project, according to a Monday filing with the Australian bourse.
This deposit follows shareholder approval for the project's amended sale agreement. With the approval, the sale of the project is now unconditional, the filing said.
The sale agreement was modified to accommodate a two-tranche completion schedule, with the first tranche expected by April 2025 and the second by January 2026, the filing added.
Lithium Energy aims to use the funds to support ongoing operations and further developments in the lithium sector, the company said.
CNNET will also provide up to $15 million for the development of the Solaroz project, further advancing exploration efforts and potential resource expansion.
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