Brine pools for lithium mining. (Source: Shutterstock)
M4E Lithium, a lithium exploration company in Brazil, closed a financing package with Lithium Royalty Corp. (LRC) and the Watarah Electrification and Decarbonization fund managed by the Waratah Capital Advisors, the company announced March 14.
The financing package consists of a $6 million equity investment from Waratah E&D Fund and a $1.5 million payment for a 1.5% royalty on future production from LRC. An additional $2 million payment will be triggered upon confirmation of a minimum tonnage of lithium resources by M4E.
The package also includes an offtake agreement exercisable for $500,000, enabling the Waratah E&D Fund the right to purchase 10% of M4E’s future lithium production at market prices.
This investment significantly advances exploration across M4E’s expansive 91,000 hectares of mining rights in the prolific Lithium Valley and Borborema regions of Brazil.
Recommended Reading
SM, Vital Reveal Wildcatting for Permian Barnett and Woodford Oil
2024-08-08 - SM Energy has landed two tests in its Midland Basin leasehold, while Vital Energy reports it’s drilled four. SM’s IPs are promising, while Vital has just begun flowback.
Big Barrels: Meet Ohio’s New Utica Oil Play
2024-08-01 - After a false start in the early 2010s that went underwater with overwhelmingly low oil and associated-gas prices, a new group of Ohio drillers is going after the Utica’s volatile oil window. They’re talking now. Here’s what they’re up to.
Permian Prowl: Exploratory Drilling, Permitting Up for Permian Barnett Wells
2024-07-24 - In the never-ending hunt for Permian drilling locations, a growing number of operators are testing wells in less-developed formations and the basin’s extensional fringes.
Exxon Pairs Record Pioneer Output with Record Legacy Permian Volumes
2024-08-02 - After closing a $63 billion acquisition of Pioneer Natural Resources, Exxon is the largest producer in the Permian Basin—and the entire U.S.
Could UpCurve Be an M&A Target in Delaware Inventory Scramble?
2024-08-28 - On a shrinking list of private equity-backed Delaware Basin operators, UpCurve Energy’s CEO told Hart Energy there’s a “reasonable chance” the company’s Reeves County, Texas, assets will be sold off.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.