MiningTech need to check the cash on Lithium Australia deal! Alix Resources Corporation and Lithium Australia have signed a definitive agreement for joint exploration and development of the Electra Project, Sonora, Mexico, close to Bacanora's Sonora Lithium Project.
On completion of the deal, Lithium Australia will initially earn a 49% interest in the project by granting one million fully paid ordinary shares and expenditures amounting to A$40.4m to Alix Resources. The interest will further increase to 65% if Lithium Australia issues 1.5 million fully paid ordinary shares, expenditures of A$1.5m and A$25m in cash to Alix Resources.
The agreement also entails a 10% interest for Alix Resources on any of Lithium Australia's novel lithium extraction technologies (LET) used or developed at the Electra project properties and Bacanora Mineral's Sonora Lithium Project.
https://www.mining-technology.com/news/newsdeals-this-week-alix-resources-corporation-athabasca-nuclear-corporation-benton-capital-4872478