Lithium Argentina Announces Ganfeng Lithium Agrees to Acquire Interest in Pastos Grandes for $70M
VANCOUVER, British Columbia, March 05, 2024 (GLOBE NEWSWIRE) -- Lithium Americas (Argentina) Corp. (TSX/NYSE: LAAC) (“Lithium Argentina” or the “Company”) is pleased to announce it and certain of its subsidiaries have executed a definitive agreement (the “Transaction”) with a subsidiary of Ganfeng Lithium Co. Ltd. (“Ganfeng Lithium”,) whereby Ganfeng Lithium agrees to acquire $70 million in newly issued shares of Proyecto Pastos Grandes S.A. (“PGCo”), the Company’s indirect wholly-owned Argentinian subsidiary holding the Pastos Grandes project (“Pastos Grandes” or “Project”) in Salta, Argentina, which is expected to represent an approximate 15% interest in PGCo and the Project.
- VANCOUVER, British Columbia, March 05, 2024 (GLOBE NEWSWIRE) -- Lithium Americas (Argentina) Corp. (TSX/NYSE: LAAC) (“Lithium Argentina” or the “Company”) is pleased to announce it and certain of its subsidiaries have executed a definitive agreement (the “Transaction”) with a subsidiary of Ganfeng Lithium Co. Ltd. (“Ganfeng Lithium”,) whereby Ganfeng Lithium agrees to acquire $70 million in newly issued shares of Proyecto Pastos Grandes S.A. (“PGCo”), the Company’s indirect wholly-owned Argentinian subsidiary holding the Pastos Grandes project (“Pastos Grandes” or “Project”) in Salta, Argentina, which is expected to represent an approximate 15% interest in PGCo and the Project.
- Pastos Grandes is an advanced stage lithium brine project acquired by the Company in early 2022 with the acquisition of Millennial Lithium Inc.
- The Project is in the same basin as the Sal de la Puna project (together, the “Pastos Grandes Basin”), adjacent to Ganfeng Lithium’s Pozuelos-Pastos Grandes project (“PPG”) and 100 km from the operating Caucharí-Olaroz project (“Caucharí-Olaroz”) jointly owned and operated by Lithium Argentina and Ganfeng Lithium.
- Proceeds of the subscription are to be allocated to the advancement of the Company's lithium projects in Argentina.