Edison Lithium Arranges Sale of Interest in Argentinian Lithium Properties for US$3.5 Million
Edison Lithium Arranges Sale of Interest
in Argentinian Lithium Properties for US$3.5 Million
Vancouver, British Columbia, November 18, 2024 – Edison Lithium Corp. (TSXV: EDDY, OTCQB:
EDDYF; FSE: VV0) (“Edison” or the “Company”) is pleased to announce that, effective November 12, 2024,
it has accepted a non-binding purchase offer letter from Mava Gasoil LLC (“Mava”), a corporation based in
Houston Texas, for the sale of 100% of the interest in the Company’s Argentina subsidiary, Resource Ventures
S.A. (“ReVe”), in consideration for USD$3,500,000. One of the LEXI claims owned by ReVe and the royalties
on that mining property, and the PINAC mining properties owned by ReVe are excluded from the sale and will
be retained by Edison.
ReVe controls the rights to prospective lithium brine claims in the province of Catamarca, Argentina. The claims
are principally located in the two geologic basins known as the Antofalla Salar and the Pipanaco Salar. ReVe’s
assets on closing of the disposition to Mava will include 30 mining concessions covering approximately 104,538
hectares area in Catamarca Province, Argentina. The Company will retain and focus its Argentinian efforts on 8
mining concessions covering approximately 35,000 hectares area in Catamarca Province, Argentina, which are
not subject to the sale and amount to approximately 25% of the claims currently held by ReVe.
The parties to the purchase offer letter agreed to negotiate a definitive agreement in good faith to give effect to
this disposition and close the transaction within 45 days after the TSX Venture Exchange (“TSXV”) has approved
this transaction. The sale terms include Mava paying the Company an initial USD$100,000 deposit within five
business days from TSXV approval, with further payments of USD$3,200,000, USD$100,000 and USD$100,000
payable by Mava to the Company and the two other shareholders of ReVe, respectively, on closing. As of the
date of this news release, the initial USD$100,000 deposit has not yet been received by the Company.
Completion of the disposition contemplated by the purchase offer letter remains subject to, amongst other things,
final documentation, the negotiation and execution of a definitive agreement and approvals from the TSXV and
shareholders of the Company, if required. The Company and Mava are at arms-length, and no finders’ fees or
commissions are payable in connection with completion of the sale contemplated by the purchase offer letter.
In addition, the disposition contemplated by the purchase offer letter is subject to delivery by the Company to
Mava of certain documents with the appropriate apostilles, this process may delay the closing of the disposition
and receipt of payments noted above. However, there is no guarantee that the transaction will proceed as outlined
above or that the disposition will be completed at all.
About Edison Lithium Corp.
Edison Lithium Corp. is a Canadian -based junior mining exploration company focused on the procurement,
exploration and development of cobalt, lithium, alkali and other energy metal properties. The Company’s
acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in
areas with proven geological potential. Edison is building a portfolio of quality assets capable of supplying critical
materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed
interest in the battery metals space.
On behalf of the Board of Directors:
“Nathan Rotstein”
Nathan Rotstein
Chief Executive Officer and Director
For more information please contact:
Tel: 416-526-3217
Email: [email protected] Website: www.edisonlithium.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Disclaimer: This news release contains certain forward -looking statements. Statements
that are not historical facts, including statements about Edison’s beliefs and expectations, are forward- looking
statements. Forward-looking statements involve inherent risks and un certainties and a number of factors
could cause actual results to differ materially from those contained in any forward-looking statement. In some
cases, forward-looking statements can be identified by words or phrases such as “ may,” “will,” “will be”,
“expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”,
“proposes”, “contemplates”, “is/are likely to” or other similar expressions. All information provided in this
news release is as of the date of this news, and the Company undertakes no duty to update such information,
except as required under applicable law.
Forward-looking statements in this press release relate to, among other things: the payment of the initial
deposit, the timing for closing, the negotiation and signing of the definitive agreement, the receipt of all
required TSXV approvals for the disposition, the Company retaining and focusing on certain claims currently
held by ReVe, the closing of the transaction and the payment of the purchase price. Actual future results may
differ materially. There can be no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements. Forward -looking
statements reflect the beliefs, opinions and projections of management on the date the statements are made
and are based upon a number of assumptions and estimates that, while considered reasonable by the respective
parties, are inherently subject to significant business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known an d unknown, could cause actual results, performance or
achievements to be materially different from the results, performance or achievements that are or may be
expressed or implied by such forward -looking statements and the parties have made assumptions and
estimates based on or related to many of these factors. Such factors include, without limitation: determination
of acceptable terms for the proposed definitive agreement, receipt of all required TSXV and any shareholder
approvals required for the disposit ion, and payment of purchase price. Readers should not place undue
reliance on the forward-looking statements and information contained in this news release concerning these
times. Except as required by law, the Company does not assume any obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.