LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) has entered into a definitive asset purchase agreement with Pristine Lithium Corp. (Pristine Lithium) to sell its three lithium brine projects, Estevan, Kindersley, and South, located in Saskatchewan, Canada.
“The strategic sale of our Saskatchewan assets to Pristine Lithium will expedite the unlocking of our Saskatchewan properties’ true potential while allowing LithiumBank to maintain a level of ownership of these assets,” said Rob Shewchuk, CEO of LithiumBank. “We look forward to being supportive partners as Pristine becomes the lithium brine leader in Saskatchewan.”
The transaction is expected to be completed in the fall of 2023, subject to certain customary closing conditions, including the completion of the concurrent financing by Pristine Lithium and regulatory approvals.
The sale of the assets will position Pristine Lithium as the second-largest permitholder in Saskatchewan, covering 336,595 acres of mineral permits across three separate property areas.
Each property targets the Duperow Formation, known for its potential as a direct brine source. The Kindersley Project is expected to be the most advanced project, followed by the South Project and the Estevan Project. The closing of the transaction will further support Pristine Lithium’s aim to become a leading lithium brine developer in Saskatchewan.
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