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CALGARY—Imperial Oil Ltd. signed an agreement with E3 Lithium for a lithium project in Alberta and agreed to invest $6.35 million in the company.
The deal helps advance E3 Lithium’s Clearwater project, which will extract lithium from under the Leduc oilfield.
It includes drilling lithium appraisal wells and scaling up E3 Lithium’s technology, which brings liquid brine to the surface where lithium is mined and concentrated.
Under the agreement, E3 Lithium will continue to operate the Clearwater project with technical and development support from Imperial Oil.
Imperial has also agreed to purchase 3,413,979 E3 warrants at a prepaid price of $1.86 per warrant.
Each warrant provides the holder with the option to exercise the warrant for one common share of E3. They are immediately exercisable, non-transferable, expire in 24 months and are non-refundable.
This report from The Canadian Press was first published on June 23, 2022.
Companies in this story: (TSX:IMO, TSXV:ETMC)
The Canadian Press
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