Li-FT firms up project acquisition deal with Azimut

Executive Summary

• Li-FT Power Ltd. has signed a definitive project acquisition agreement with Azimut Exploration Inc. to acquire Azimut's 50% interest in the Galinee property, which hosts lithium-bearing pegmatites adjacent to Li-FT's partner Winsome Resources' Adina deposit.
• The transaction consideration includes upfront equity and royalty interests, plus deferred cash or equity consideration triggered by an economic study or an 18-month timeline.
• The deal is subject to customary closing conditions, including TSX Venture Exchange approval for the issuance of shares.

Key Details

• Transaction Structure: Definitive project acquisition agreement to acquire Azimut's 50% interest in the exclusive exploration rights for the Galinee property.
• Upfront Consideration:
  • 2,000,000 common shares of Li-FT Power (closing date consideration shares).
  • A 1.4% net smelter return (NSR) royalty on the Galinee property.
• Deferred Consideration:
  • $1.5 million CAD.
  • Payable in cash or, subject to conditions in the agreement, in Li-FT shares.
  • Payment triggers at the earliest of: completion of an economic study for the Galinee property or 18 months from signing.
• Closing Conditions: Subject to TSX Venture Exchange approval for the issuance and listing of the closing date consideration shares and other customary conditions.
• Property Highlights:
  • Galinee hosts wide, high-grade lithium-bearing pegmatites.
  • Located adjacent to Winsome Resources' Adina deposit.
  • Recent till sampling discovered new spodumene-bearing boulders and delineated two additional highly prospective target areas.

Notable Quotes

• No direct quotes from management were included in the provided text.