- E3 Lithium (TSXV:ETL) has updated its agreement with Imperial Oil (TSX:IMO) to advance lithium extraction in Alberta
- The pilot project will support E3 Lithium’s Clearwater Project, which will draw lithium from under the Leduc oil field, Imperial’s historic Western Canadian discovery
- Both companies have agreed to increase access to additional freehold lands across the Clearwater Area
- E3 Lithium opened trading at C$1.67 per share and Imperial Oil (TSX:IMO) opened trading at C$95.51 per share
E3 Lithium (TSXV:ETL) has updated its agreement with Imperial Oil (TSX:IMO) to advance lithium extraction in Alberta.
“This continued collaboration between E3 Lithium and Imperial is reaffirmed today given our shared vision to establish sustainable lithium production in Canada,” Chris Doornbos, the company’s president and CEO, said in a news release. “We are pleased to extend this agreement and look forward to continuing to work with Imperial.”
First announced in June 2022, the two companies partnered to advance lithium extraction in Alberta. E3 Lithium’s proprietary technology facilitates lithium extraction from the field’s lithium-rich brine, paving the way for commercial development for battery-grade products.
The pilot project will support E3 Lithium’s Clearwater Project, which will draw lithium from under the Leduc oil field, Imperial’s historic Western Canadian discovery.
E3 Lithium will continue to operate Clearwater and retain its IP, while Imperial will provide technical and development support including water and reservoir management.
Now both companies have agreed to increase access to additional freehold lands across the Clearwater Area. E3 has also agreed to extend the term of the warrants for an additional 12 months, now exercisable until July 8, 2025.
E3 Lithium is proposing to extend the expiry date of 3.4 million outstanding prepaid common share purchase warrants of the company issued to Imperial Oil, for which E3 had received a prepayment of C$6.35 million.
Each warrant provides Imperial Oil the non-transferable and non-refundable option to exercise the warrant for one common share of E3 at a price of C$1.86 for 24 months.
Imperial Oil Ltd. is a Canadian integrated oil company engaged in all phases of the petroleum industry, including the exploration for, and production and sale of, crude oil and natural gas. It is also a producer of crude oil, a petroleum refiner and a marketer of petroleum products.
As it advances towards commercial construction and operation of the plant, E3 Lithium intends to produce battery-grade lithium products through high-recovery direct extraction technology to support global electrification. The company is developing an Alberta-based resource of 16 million tonnes of lithium carbonate equivalent measured and indicated and 0.9 million tonnes inferred.
E3 Lithium (TSXV:ETL) opened trading at C$1.67 per share. The stock is down by 38.55 per cent year-over-year, but has gained 312.20 per cent since 2019.
Imperial Oil (TSX:IMO) opened trading at C$95.51 per share. The stock is up 56.62 per cent year-over-year and has gained 152.41 per cent since 2019.
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