Lithium Energy sells Solaroz stake for US$63 million
–News Direct–
Lithium Energy Ltd (ASX:LEL) executive chairman William Johnson sits down with Proactives Jonathan Jackson to discuss the sale of its 90% stake in the Solaroz Lithium Brine Project in Argentina for up to US$63 million (~A$97 million). The binding Share Sale Agreement was made with CNGR Netherlands New Energy Technology B.V., a subsidiary of CNGR Advanced Material Co Ltd. This transaction values Lithium Energy's shares at A$0.865 each, a 79% and 52% premium over its three-month and one-month VWAP, respectively. Johnson notes that this decision followed a strategic review and multiple offers, reflecting significant value creation since the companys IPO in May 2021, when shares were priced at $0.20. The sale aims to eliminate development and funding risks and boost the ...