Lithium Energy Receives $6 Million Deposit For Argentina Project Sale

MT Newswires Live

Jan 20, 2025

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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With the approval, the sale of the project is now unconditional, the filing said.</p><p>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.</p><p>Lithium Energy aims to use the funds to support ongoing operations and further developments in the lithium sector, the company said.</p><p>CNNET will also provide up to $15 million for the development of the Solaroz project, further advancing exploration efforts and potential resource expansion.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LEL.AU","symbol_name":"LITHIUM ENERGY LTD","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2504342813","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2504342813","pubTimestamp":1737350973,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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