- Battery X Metals (CSE:BATX) is gearing up to acquire a 100 per cent ownership of two Quebec lithium exploration projects
- The company will also acquire 49 per cent of the common shares of Li-ion Battery Renewable Technologies
- LIBRT owns the two exploration projects in Quebec that will add to Battery X Metals’ goal of meeting the growing demand for battery metals
- Shares of Battery X Metals are up 10 per cent to C$0.11 as of 11:39 am ET
Battery X Metals (CSE:BATX) is set to acquire a 100 per cent ownership of two Quebec lithium exploration projects.
In a news release, the Vancouver-based company stated it will also be acquiring 49 per cent of the common shares of Li-ion Battery Renewable Technologies (LIBRT).
LIBRT owns the two exploration projects in Quebec that will add to Battery X Metals’ goal of meeting the growing demand for battery metals.
Upon closing of the transaction, Battery X Metals will own 100 per cent of the Nunavik, Quebec, Leaf River Project, which includes 83 claims over an area of approximately 3,500 hectares, and 100 per cent of the Abitibi, Quebec, Reservoir-Dozios Project, encompassing 52 claims over an area of approximately 3,500 hectares .
“The proposed acquisition strengthens our lithium project portfolio with ownership of lithium projects in Nunavik, QC, and Abitibi, QC,” Mark Brezer, CEO of Battery X Metals, said in a statement. “It also provides a related diversification opportunity for us to acquire a major stake in a development-stage technology company at the forefront of extending lithium-ion batteries with minimal management and capital expense requirements from our company.”
Brezer added that if the technology validates its potential in the future, the company will have the right to acquire the remaining 51 per cent interest in LIBRT.
The technology developed by LIBRT is a hardware and software device that performs rapid battery health diagnostic and cell rebalancing that extends the lifespan of lithium-ion batteries by two to three years.
LIBRT has also developed an artificial-intelligence-driven platform for preventative maintenance that has already been trained on data from more than 300,000 electric vehicles.
Battery X Metals is focused on the exploration and acquisition of critical minerals and precious metals property assets in North America, and the development of battery recycling technology.
Shares of Battery X Metals (CSE:BATX) are up 10 per cent to C$0.11 as of 11:39 am ET.
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