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Source: Lithium Corporation
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  • Altura Mining (AJM) is set to commence the earn-in process for its stake in the Lake Valley Lithium Project and is seeking “prominent financial institutions” for recapitalising
  • The battery metals company executed a letter of intent with Lithium Corporation earlier this year
  • Altura says it will need additional cash to earn into its upcoming US and Western Australian lithium ventures
  • Altura Chief Executive Officer Alex Cheeseman says the company has been carefully working through the re-quotation process
  • Altura Lithium shares last traded at 7 cents

Altura Mining (AJM) is all set to commence the earn-in process for its stake in the Lake Valley Lithium Project and is seeking “prominent financial institutions” for recapitalising.

The company announced it had executed a letter of intent with US-based Lithium Corporation earlier this year, under which it obtained the right to earn a 60 per cent interest in the project.

Altura today confirmed it had completed its due diligence effort and satisfied the condition precedent to commence the earn-in period.

Lithium Corporation and Altura have agreed to commence project development in parallel with finalising the formal agreement.

The letter of intent is set to expand into a formal earn-in agreement in the coming months, according to Altura.

In a corporate update, Altura advised it had presented a formal briefing to the
ASX outlining its re-capitalisation and listing plan and is seeking confirmation the process outlined is suitable.

Altura said it will need additional cash to earn into its upcoming US and Western Australian lithium ventures and is seeking “prominent financial institutions” in regard to the re-capitalisation process.

Altura Chief Executive Officer Alex Cheeseman said the company had been carefully working through the re-quotation process.

“The single aim of Altura is to focus on delivering results both corporately and physically with our revised portfolio of lithium assets,” he said.

“We are very excited about the Fish Lake Valley opportunity. The lithium industry is experiencing another step-change in growth and global-demand.”

Altura Lithium shares last traded at 7 cents.

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