Lithium-focused mining company Standard Lithium (TSX.V: SLL) (FRA: S5L) (OTCQX: STLHF) this morning announced that it has entered into a license, exploration and option agreement to formalize the memorandum of understanding previously announced in October 2017. Per the agreement, Standard Lithium will acquire the rights to conduct lithium brine exploration activities on properties totaling approximately 23,940 acres located in San Bernardino County, California in the Bristol Dry Lake and Cadiz Dry Lake regions. Per the terms of the agreement, the company will acquire the right to conduct lithium brine exploration activities on the properties in consideration for cash payments and share issuances totaling $2,700,000 and 3,400,000 common shares over a sixty-month period. Standard Lithium will make an initial payment of $100,000 and issue 200,000 common shares to TETRA Technologies, Inc., a non-affiliated company, which is the underlying owner of the properties. All securities issued in the transaction will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The completion of this transaction is subject to the approval of the TSX Venture Exchange. “We’re very pleased to sign this Option Agreement with TETRA. Standard Lithium now has finalized agreements in place with the two permitted operators working in our California Lithium project area,” Standard Lithium COO and president Dr. Andy Robinson stated in the news release.
To view the full press release, visit http://ibn.fm/p1SNs
About Standard Lithium
Standard’s value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale brownfield domestic brine resources, led by an innovative and results-oriented management team with a strong focus on technical skills and modern brine processing technologies. The company’s flagship project is in southern Arkansas, where it is engaged in the testing and proving of commercial viability of lithium extraction from 150,000+ acres of current brine operations and also the resource development of 30,000+ acres of separate brine leases, both located in the Smackover Formation. It is also engaged in the exploration and resource development of approximately 45,000 acres at the Bristol and Cadiz Dry Lake Lithium Projects located in the Mojave Desert, San Bernardino County, California. All of Standard Lithium’s Project areas have significant infrastructure in-place, with easy road and rail access, abundant electricity and water sources, and already permitted brine extraction and processing operations. For more information, visit the company’s website at http://nnw.fm/standardlithium.
MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.