Arizona Lithium Limited (AZL) has finalised the acquisition of Prairie Lithium Corporation, AZL announced.
AZL entered into a pre-acquisition agreement with its subsidiary 2477827 Alberta Corporation (CallCo), subsidiary 2477955 Alberta Corporation (CanCo), and Prairie Lithium, under which AZL agreed to acquire all of Prairie Lithium’s shares, either directly or indirectly through CanCo.
Prairie Lithium founder and CEO Zach Maurer will join Arizona Lithium’s board of directors as an Executive Director.
“We are very pleased to have completed the Acquisition of Prairie Lithium including Prairie’s JORC Inferred Mineral Resource of 4.1 million tonnes of lithium carbonate equivalent (LCE) at 111 mg/L Li, which represents the highest quality inferred lithium brine resource in Canada discovered to date. With the acquisition now complete, AZL holds Resources totalling 4.4MT of LCE (inferred and indicated) making it a globally significant dual resource company,” AZL Managing Director Paul Lloyd said.
According to Lloyd, AZL has also acquired Prairie Lithium’s proprietary direct lithium extraction (DLE) technology, with C$1.074m in a Canadian government grant to be invested in DLE development.
“Prairie’s Board and management team have significant experience in lithium processing and technology, which will further bolster AZL’s team as we continue to focus on and expedite the sustainable development of the Big Sandy Lithium Project in Arizona in tandem with the Prairie brine project in the Williston Basin. We welcome the whole Prairie Lithium management team to the Arizona Lithium team, and welcome Zach Maurer to the board of directors of Arizona Lithium,” Lloyd stated.
Lloyd added, “Arizona Lithium has been approached by and has engaged with multiple North American Investment banks in relation to its proposed NASDAQ listing. AZL’s now globally significant LCE resource is perfectly positioned to attract attention from major off-takers in the auto and battery manufacturing sectors in North America and the company finds itself in a rare position of not only having ownership.”
