Lithium Power International has completed the sale of its Australian subsidiary, Western Lithium (TSX:WLC) Ltd (WLI) to Albemarle Lithium Pty Ltd, an Australian subsidiary of Albemarle Corporation.
The transaction involves the sale of 100% of WLI’s shares and comprises all cash-for-shares amounting to A$30 million.
LPI CEO Cristobal Garcia-Huidobro said: “The completion of this transaction provides the company with immediate realisation of value of the WLI assets.
"This sale releases funds for the upcoming development of LPI’s flagship Maricunga Lithium Project in Chile."