Xantippe Resources Ltd (ASX:XTC, OTC:XTCPF) has reached an agreement with Crydon, a company associated with XTC director Juan Santos and his family, to extend the final payment terms on the Luz Maria tenement in Catamarca, Argentina to February 23, 2024.
XTC acquired the rights to Luz Maria, Rita, Rita I and La Sofia when it exercised its option to acquire Carolina Lithium in 2022, whose subsidiary Arlupo held the rights to the tenements which constitute the Carachi Pampa Lithium Project.
The Luz Maria tenement spans more than 3,383 hectares on the Carachi Pampa salt flats and is prospective for lithium brine deposits.
Near Lake Resources’ flagship Kachi project, the property is central to XTC’s exploration focus in Catamarca, Argentina commencing in the fourth quarter.
New terms
Under the newly agreed terms, XTC will pay Crydon, the owners of Luz Maria, US$400,000 within five business days of signing the documentation and US$2.8 million, being the final payment, on or before February 23, 2024.
Further, XTC has been advised that Crydon and/or its nominee wish to exercise a proportion of their convertible notes for up to a value of US$1 million.
These convertible notes were issued in April this year and have an exercise price of US$0.005.
The company will seek shareholders’ approval for the exercise of these convertible notes at a meeting to be held next month.