- Full Circle Lithium Corp. (TSXV:FCLI) has closed its acquisition of a scalable, fully permitted, and operational lithium processing plant in the U.S. state of Georgia
- The company acquired from the local municipality an additional 157,827 square metres with direct access to the highway and railway
- The complete property will be more than 22,600 square metres of land with future expansion potential
- Full Circle Lithium Corp. last traded at $0.57 per share
Full Circle Lithium Corp. (TSXV:FCLI) has closed its acquisition of a scalable, fully permitted, and operational lithium processing plant in the U.S. state of Georgia.
The team closed the acquisition at a price of C$684,650, having paid C$342,325 to the vendor with the remaining amount paid in one installment next year, subject to certain conditions.
The company also closed a deal on an additional 157,827 square metres of land owned by the Brantley County Development Authority, which is next to the Georgia Facility. The company explained that this land is important for future operations, as it will provide direct rail and highway access, as well as significant room for future expansion for the various lines of business – midstream recycling, battery recycling, lithium refinery and, more importantly, the fire suppressant business. The complete property will be more than 22,600 square metres of land with future expansion potential.
After its fiscal year-end of Oct. 31, and in accordance with its shareholder approved stock option plan, the company’s board granted annual incentive stock options to directors and officers to acquire an aggregate of 1.2 million common shares at $0.55 per share, for a period of five years.
“The company now owns close to 242,000 square metres of land and is well positioned to grow its business in all of its operating units,” the company’s CEO, director and founder, Carlos Vicens, said in a news release. “Significant interest has been received from third parties on growth initiatives over the past few months and we wanted to crystalize the ownership and growth potential in and around our Georgia facility.”
According to the International Energy Agency, electric vehicle battery demand soared to 550 GW hours in 2022, a 65 per cent increase from the previous year.
For more on what’s developing with Full Circle Lithium, check out our recent in-depth coverage on its operations.
Full Circle Lithium Corp. is a U.S.-based lithium products manufacturer and recycler.
Full Circle Lithium Corp. last traded at $0.57 per share.
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