This comes on the back of rising demand for lithium, a safe and reliable resource in a global market where the appetite for renewable energy continues to grow.
Under the agreement, CNR will indirectly acquire all interests in Williams Minerals in the second quarter of this fiscal year.
From 2024 through 2026, the company's ownership of the lithium mine in
This is, however, subject to the issuance of independent technical reports and the company's full settlement of cash and restricted shares related to the transaction.
CNR is planning to issue restricted shares as 50% of the deal consideration. The remaining 50% of the consideration includes a promissory note and/or cash, for a maximum consideration of
"The company will pay an aggregate of
CNR said there was no certainty that the transaction would be closed under the current terms. The deal is expected to be closed in the second fiscal quarter of 2023.
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