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- Li-Metal (OTCQB:LIMFF) has entered into a non-binding letter of intent with an arm’s length purchaser, for the sale of its lithium metal business for an indicative purchase price of $11M.
- The LOI grants the potential purchaser an exclusivity period of no less than 30 days for the parties to negotiate the potential transaction.
- At this time, the parties have not agreed to a definitive agreement and there is no certainty that an agreement will be reached at the indicative purchase price or that an agreement will be reached, or a transaction completed at all, Li-Metal (OTCQB:LIMFF) added.
- The intention of the transaction would be to enhance the company’s balance sheet and provide capital to allow Li-Metal (OTCQB:LIMFF) (LIM:CA) to focus on its lithium metal anode business.
- “The potential transaction capitalizes Li-Metal to expand production capabilities to meet the growing demand for anode materials as next-gen battery manufacturers enter late-stage qualification of their battery products,” said Li-Metal’s CTO, Maciej Jastrzebski.
- Li-Metal (OTCQB:LIMFF) (LIM:CA) also announced an extension of the anticipated closing date for its previously announced $2 million equity offering.
- Source: Press Release