By Adriano Marchese
Globex Mining Enterprises said Friday that it will sell its assets in the Canadian province of Saskatchewan to Edison Lithium for cash and stock in the company.
Globex said it has entered into an asset purchase agreement whereby Edison will acquire the rights to certain alkali dispositions located in Ceylon Lake, Freefight Lake and Cabri Lake, in the southern part of the province.
The company said sodium sulphate has been reported to occur on all these assets–a compound that is used in a range of products ranging from papermaking, glass, textiles, to heat storage, while new applications within the battery industries are currently being developed.
Globex will receive a cash payment of 35,000 Canadian dollars ($25,769) and 156,250 shares in Edison.
Edison’s shares closed Thursday at C$0.13, and at that price the value of the issued shares would be worth about C$20,300.
Globex also will be entitled to a payment of a 2% royalty of gross revenue from commercial production of mineral products by Edison, it said.
Write to Adriano Marchese at [email protected]
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