NOA Lithium Signs Non-Binding Term Sheet for Option and Joint Venture with Summit Explore on Arizaro Project
NOA Lithium Brines signed a non-binding, indicative term sheet with Summit Explore Corporation allowing Summit to earn a 60% undivided interest in NOA's Arizaro lithium brine property in Salta, Argentina, with NOA retaining 40%, pending completion of technical studies and defined cash and equity investment.
NOA Lithium Brines Inc. (TSXV:NOAL)(FRANKFURT:N7N) entered an indicative non-binding term sheet with Summit Explore Corporation, a subsidiary of Summit Lithium Technologies, for an option and joint venture covering NOA's Arizaro lithium brine property in Salta province, Argentina, the company announced June 22.
Summit Explore, described as an arm's length party, can earn an undivided 60% interest in the Arizaro project by completing technical studies and making a defined cash and equity investment in NOA. NOA would retain the remaining 40% interest in the property. The agreement grants Summit Explore the option to earn into the project rather than an immediate transfer of ownership.
Continue reading
3 more paragraphs for subscribers.
Free readers get a daily preview and the weekly long-form. Premium unlocks every brief in full, AM & PM editions, alerts, and the archive.