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Lithium Power International Limited (ASX: LPI) (LPI or the Company) today announced the completion of a Share Purchase Agreement (the Agreement) with the Canadian based company, Vertex Lithium Corporation (Vertex), to acquire LPI's 70 per cent of lithium exploration properties on the Centenario Salar (Centenario) in Argentina.
Centenario has been held by LPI since the Company was established and was part of the asset portfolio for the successful IPO in June 2016. LPI's focus on Latin America has been primarily on developing the flagship Maricunga lithium brine project in Chile.
The Centenario transaction with Vertex releases the Company from future annual exploration spending obligations set under Argentinean regulations. It also removes the cost of holding the asset in a foreign jurisdiction in which the Company had no plans to conduct future exploration.
As previously announced the Share Purchase Agreement was executed in May 2021, with a six-month deferred settlement.
This article includes content from Lithium Power International, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.