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BRIEF-Orocobre to partner with Canada's Advantage Lithium

Published 24/11/2016, 08:23 am
© Reuters.  BRIEF-Orocobre to partner with Canada's Advantage Lithium
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Nov 24 (Reuters) - Orocobre Ltd ORE.AX

* partnership with Advantage Lithium on exploration projects-ore.ax

* It will divest a number of lithium brine exploration projects which are currently held through orocobre's argentine subsidiary

* divestment of of lithium brine exploration projects held through argentine unit to canada's advantage lithium corp

* advantage lithium will issue to orocobre 40.6mln common shares valued at about us$37 million as at 22 november 2016 in consideration

* Orocobre will not participate in equity financing.

* advantage lithium is required to complete an equity financing of between us$15mln and us$25mln

* Orocobre and advantage lithium will enter a 50/50 joint venture for more advanced cauchari project

* following execution of a definitive agreement co will be entitled to appoint two nominees to board of directors of advantage lithium

* Divestment Of Of Lithium Brine Exploration Projects Held Through Argentine Unit To Canada's Advantage Lithium Corp Source text for Eikon: ID:nASX8lTMmW Further company coverage: ORE.AX

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