Under the agreement, E3 Lithium will continue to operate the Clearwater project and retain its IP, with technical and development support from Imperial in areas such as water and reservoir management. The agreement also includes access for the company to freehold lands in the area, which are operated by Imperial.
Imperial will invest C$6.35 million into E3 Lithium at a pre-paid price of C$1.86 per warrant and the issuance of approximately 3.41 million warrants. Each warrant provides the holder the option to exercise the warrant for one common share of E3 Lithium.
Shares of E3 Lithium surged over 30% on news of the Imperial Oil investment, taking the lithium developer’s market capitalization to nearly C$130 million.
“This exciting collaboration brings together Imperial’s long-standing commitment to research and technology to help test and scale E3’s lithium recovery technology,” said Jason Iwanika, director of…
