(RTTNews) - Li-FT Power Ltd. (LIFFF, LIFT.V), on Monday, announced that it has entered into a definitive project acquisition agreement with Azimut Exploration Inc. (AZMTF, AZM.V) to acquire Azimut's 50% interest in the Galinée lithium property in Québec.
The consideration includes 2 million Li-FT common shares, a 1.4% net smelter return royalty on the Galinée property, and deferred consideration of $1.5 million payable in cash or shares.
The transaction follows Li-FT's December 14 announcement regarding a binding scheme implementation deed with Winsome Resources Ltd. and a non-binding letter of intent with Azimut and SOQUEM Inc.
The Galinée property hosts wide, high-grade lithium-bearing pegmatites located adjacent to Winsome's Adina deposit.
The company said that the property also includes multiple well-defined exploration prospects, with recent till sampling identifying new spodumene-bearing boulders and outlining two additional highly prospective target areas.
On Tuesday, Li-FT Power closed trading 1.79% lesser at CAD 4.4000 on the TSX Venture Exchange.
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