RE:JV ptner Lithium Australia take 50% stake to develop ElectraLIT share price = 35 cents. So Alix receive AU$450k worth of stock (incl partly paids) + $400k expenditure cash.
Also worth noting that LIT had the option to start off with 35% jv, but went straight for the 50%...
Signing of a definitive agreement between AIX and LIT to explore and develop the Electra project whereby LIT will earn a 49% interest in the Electra project through the issuance to AIX of 1,000,000 fully paid ordinary LIT shares. 1,000,0000 partly paid LIT contributing shares paid to 0.001 Australian cent each (24.99 Australian cents unpaid), and expenditures of $400,000. LIT has a further option to increase its interest in the Electra project to 65% through the issuance to AIX of 1,500,000 fully paid ordinary LIT shares, expenditures of $1,500,000 and a cash payment of $250,000;