Livium Ltd (ASX:LIT, OTC:LMMFF) has sold its remaining 30% interest in the Bynoe Lithium Project to Charger Metals NL (ASX:CHR) for $500,000 after Charger exercised its pre-emptive rights.
An agreement to sell the interest to Core Lithium Ltd (ASX:CXO) was contingent upon Charger not exercising the rights and the latter's move comes before the expiry of the pre-emption period.
Livium expects the transaction to be completed within the next week.
Sale aligns with long-term strategy
"The sale of our interest in the Bynoe Lithium Project to Charger Metals marks a significant milestone in our strategy to focus on core operations aligned with our long-term vision,” Livium CEO and managing director Simon Linge.
“This transaction enables us to drive key battery recycling initiatives and enhances our balance sheet flexibility for future growth."
Livium says monetising this non-core asset will increase the company’s balance sheet flexibility, positioning LIT to pursue the growth of its battery recycling technology and commercialisation of its lithium chemical and battery materials technologies.
The company was recently awarded $850,000 in a grant from the Western Australian Government to establish a battery recycling facility as part of the state’s electronic waste infrastructure funding program.
Read: Livium secures A$850,000 state government grant for battery recycling facility