Lithium Power International (ASX:LPI) - Chairman, David Hannon
Chairman, David Hannon
Source: Lithium Power International
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Lithium Power International (LPI) completes a share purchase agreement with Canadian-based company Vertex Lithium
  • As part of this agreement, Vertex has acquired 70 per cent of LPI’s lithium exploration properties on the Centenario Salar in Argentina
  • LPI has held Centenario since its IPO in 2016 but agreed to the sale as its focus has primarily been on developing its flagship Maricunga lithium brine project in Chile
  • The agreement consisted of a US$700,000 (A$968,957) cash payment for the properties as well as US$40,000 (A$55,369) to cover the transaction costs
  • LPI is down 5.1 per cent on the market with shares trading at 46.5 cents

Lithium Power International (LPI) has completed a share purchase agreement with Canadian-based company Vertex Lithium.

As part of this agreement, Vertex has acquired 70 per cent of LPI’s lithium exploration properties on the Centenario Salar in Argentina.

LPI has held Centenario since it was established and was part of the company’s successful initial public offering (IPO) in June 2016.

The company agreed to the sale as its focus has primarily been on developing its flagship Maricunga lithium brine project in Chile.

The agreement consisted of a US$700,000 (A$968,957) cash payment for the properties as well as US$40,000 (A$55,369) to cover the transaction costs.

Due to the delay of Vertex’s IPO on the Toronto Stock Exchange (TSX), LPI has agreed to a cash payment of US$200,000 (A$276,845) in lieu of C$250,000 (A$272,955) worth of Vertex shares.

“This completion of the transaction with Vertex provides LPI with an immediate value for our holding in Centenario, a project which the company assesses, in 2018-19, to have little medium-term development potential,” CEO Cristobal Garcia-Huidobro said.

“The finalisation of this transaction allows LPI to focus on the development of our flagship Maricunga lithium brine project in Chile, with its revised definitive feasibility study due to be released shortly.”

LPI was down 5.1 per cent on the market with shares trading at 46.5 cents at 12:03 pm AEDT.

LPI by the numbers
More From The Market Online
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…