CleanTech Lithium has completed the acquisition of the 23 Laguna Verde licences previously subject to an option agreement, meaning it now owns all 108 mining licences comprising the project.
Acquiring the additional licences offers potential future returns to shareholders, while reducing risk, given the asset's now relatively advanced stage.
Taking full ownership of the licences also clears the path for the planned dual listing on the Australian Securities Exchange (ASX).
Under the sale and purchase agreement for the new licences, payments to the vendors are capped with later payments to be met from 1% of the construction finance or from sales revenues after sales of 10,000 tonnes and 35,000 tonnes of lithium carbonate equivalent (LCE).
Alongside the acquisition, Cleantech added it has issued convertible loan notes to raise gross proceeds of £1 million.
Steve Kesler, chairman and interim chief executive, said: "Acquiring the 23 Laguna Verde licences under new commercial arrangements, so the company has full ownership as well as control, is a prudent decision, which will support potential long-term returns to investors.
“The company has also been advised that gaining full ownership of the licences will clear the path for the dual-listing on the ASX.”