Deal will give Sunstone additional cash and retain exposure to upside of lithium assets
Sunstone Metals Ltd (ASX: STM) is pleased to announce that it has signed a Definitive Agreement to sell its Finland Lithium project, including the Kietyönmäki lithium occurrence, to Canadian Securities Exchange-listed United Lithium Corp (CSE:ULTH).
This follows the Letter of Intent (LoI) that was signed in May 2021 (see ASX announcement dated 5th May 2021).
Consideration payable to Sunstone on closing is C$420,000 cash and C$420,000 worth of shares in United Lithium, which converts to approximately A$920,000 in value. Closing is expected in the coming weeks.
Sunstone Managing Director Malcolm Norris said: “We are pleased to be concluding this transaction with United Lithium. This transaction gives us additional cash for our Ecuadorian gold-copper focussed exploration campaign while enabling us to retain exposure to the upside offered by the United Lithium assets in Scandinavia”.
United Lithium also holds the Bergby lithium deposit in Sweden.
Source: Company Press Release