(RTTNews) - Lithium Chile Inc. (LTMCF.PK), Monday announced an agreement to sell Argentum Lithium S.A. to China Union Holdings Ltd., a residential property managers company, for a consideration of $175 million.
As per the deal, China Union will acquire all the shares of Argentum, a corporation existing under the laws of Argentina, which indirectly holds interests in the Arizaro salar lithium project in Salta Province, Argentina.
The company's CEO Steve Cochrane stated that the transaction will crystallize significant value from Arizaro, allowing Lithium Chile to return capital to shareholders while continuing to focus on advancing highly prospective Chilean portfolio.
Lithium's stock closed at $0.41, up 7.22 percent on the OTC Markets.
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