Lithium Power International - Sale of Australian assets agreed
Lithium Power International (LPI) has entered into a binding agreement to sell its 100%-owned Australian lithium tenements to Albemarle. This is an all-cash transaction that will see LPI receive A$29m on completion, which is expected in early July 2023. The company will use the proceeds to further advance its flagship Maricunga lithium project in Chile. The deal is positive in our view in that it allows LPI to significantly extend its cash runway without further diluting its shareholders.Lithium Power International is primarily engaged in the exploration and development of lithium assets, with a portfolio diversified by both geography and deposit type in South American and Western Australia.
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