Rapid Lithium (ASX:RLL) renegotiated the payment terms for the acquisition of the Ingersoll Project in South Dakota, according to a Friday filing with the Australian bourse.

Rapid Lithium will pay the vendors of the Ingersoll project $30,000 on Friday, after which it will be permitted to conduct drilling activities at the project. It will also issue $150,000 of shares in the firm by the same day, valued at the 30-day volume weight price.

An amount of $150,000 shall be paid in cash to the vendor by Aug. 30.

If Rapid Lithium decides to proceed with the contract for deed, it must continue to make payments in accordance with the contract. If it decides not to proceed, it must provide written notice to the vendor.

Rapid Lithium also decided not to proceed with the acquisition of New Energy (US) from Patriot Lithium (ASX:PAT). It will instead focus on the strategic acquisition of the Prophet River gallium-germanium project.