Edison Lithium Corp. (TSX-V:EDDY, OTCQB:EDDYF) told investors it has struck a deal with Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF) to acquire the rights to certain alkali dispositions in Ceylon Lake, Freefight Lake and the north and south areas of Cabri Lake in Saskatchewan.
In a statement, the company noted that the total dispositions cover almost 4,565 acres.
Separately, Globex reported that the alkali dispositions it acquired are its first venture into Saskatchewan and that sodium sulphate has been reported to occur on all the acquired assets.
Sodium sulphate has many uses including in papermaking, glass, textiles, and heat storage, among others, the company added. New applications within the battery industries are currently being developed.
Under the asset purchase agreement dated July 11, 2023, Globex will transfer all of its rights, title and interest in the dispositions to Edison in exchange for $35,000 in cash, 156,250 of Edison’s common shares, and a 2% royalty of gross revenue from commercial production.
Edison Lithium is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, and other energy metal properties.
The company's acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in areas with proven geological potential.
Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery metals space.
~ updated with details from Globex Mining Enterprises ~
Contact the author at stephen.gunnion@proactiveinvestors.com