Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF) has completed the A$8 million strategic investment with leading South Korean EV battery metals producer EcoPro Innovation Co., Ltd.
The company has today received the remaining A$4.125 million and issued 33 million fully paid ordinary shares at a price of A$0.125 per share to EcoPro.
Largest shareholding
This was approved by shareholders at the General Meeting on Thursday, September 26, 2024, and sees EcoPro as GT1’s largest shareholder with a 16.6% shareholding.
"I am pleased to have completed the strategic investment with EcoPro and to welcome them as GT1’s largest shareholder,” said GT1 managing director Cameron Henry.
The partnership between GT1 and EcoPro supports GT1's strategy to become Ontario's first integrated lithium producer with agreements covering upstream and downstream activities with both partners continuing to work on executing the remaining agreements and collaborating on the Conversion Facility Pre-Feasibility Study (PFS).
Use of funds
EcoPro brings extensive experience in lithium hydroxide production along with patented technology for lithium extraction.
Funds will be used on a definitive feasibility study to reach a Final Investment Decision (FID) on the Seymour Lithium project, funding the Lithium Conversion Facility PFS and supporting general working capital.
“We look forward to continuing to work together to finalise the remaining agreements and advancing the joint preliminary feasibility study for the proposed Lithium Conversion Facility,” Henry added.
This transaction is in accordance with terms outlined in the original Subscription Agreement, which includes a 12-month escrow period from the date of issue for the new shares.
About GT1
GT1, a North American-focused lithium exploration and development business, has a current global mineral resource estimate of 24.9 million tonnes at 1.13% Li2O.
The company’s 100%-owned lithium projects comprise high-grade, hard rock spodumene assets (Seymour, Root, Junior and Wisa) and lithium exploration claims (Allison, Falcon, Gathering, Pennock and Superb) on highly prospective Archean Greenstone tenure in northwest Ontario, Canada.