Advertisement
UK markets closed

  • FTSE 100

    8,139.83
    +60.97 (+0.75%)
     

  • FTSE 250

    19,824.16
    +222.18 (+1.13%)
     

  • AIM

    755.28
    +2.16 (+0.29%)
     

  • GBP/EUR

    1.1679
    +0.0022 (+0.19%)
     

  • GBP/USD

    1.2494
    -0.0017 (-0.13%)
     

  • Bitcoin GBP

    50,317.01
    +527.70 (+1.06%)
     

  • CMC Crypto 200

    1,387.77
    -8.77 (-0.63%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     

  • DAX

    18,161.01
    +243.73 (+1.36%)
     

  • CAC 40

    8,088.24
    +71.59 (+0.89%)
     
BRANDS:

'We sold £1.5m of product in our first week'

Lyma founder on rise of her wellness company

EXCLUSIVE: Atlas Lithium Partners with Mitsui for $30M Investment and Lithium Offtake, Signals Confidence in Brazil's Lithium Valley Project

Anusuya Lahiri
·2-min read

Atlas Lithium Corporation (NASDAQ:ATLX) has signed definitive investment and offtake agreements with Mitsui & Co, Ltd, which the Company considers to be a strong validation of its project and team.

Mitsui is purchasing $30 million in common shares of Atlas Lithium at a 10% premium to the 5-day VWAP and, at the same time, entering into an Offtake Agreement for the future purchase of 15,000 tons of lithium concentrate from Phase 1 and 60,000 tons per year for five years from Phase 2 of Atlas Lithium's soon to be producing Neves Project in Brazil's Lithium Valley.

Why Does It Matter? The Strategic Investment provides Atlas Lithium with immediately available funds to continue its rapid development toward revenue generation with the production and sale of high-quality, low-cost, environmentally sustainable lithium concentrate.

ADVERTISEMENT

Also Read: Atlas Lithium Taps Industry Veteran Brian Talbot as COO Ahead of Q4 Production Start

Mitsui and Atlas Lithium entered a Memorandum of Understanding as announced in January 2023.

The two companies have since developed a close rapport, including multiple due diligence visits by Mitsui executives and technical experts to the Company's project and visits by Atlas Lithium's management to several of Mitsui's offices in Brazil, the United States, Canada, and Japan.

The Strategic Investment culminates the mutual interest in growing Atlas Lithium.

It delivers additional financing to allow Atlas Lithium to continue aggressively advancing its development toward operating an open-pit lithium mine and spodumene concentrating facility by the fourth quarter of 2024.

Mitsui has a strong presence in Brazil dating from 1960 and a long history of profitable mining investments.

Price Action: ATLX shares closed higher by 7.18% at $14.92 on Wednesday.

Photo via Shutterstock

"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article EXCLUSIVE: Atlas Lithium Partners with Mitsui for $30M Investment and Lithium Offtake, Signals Confidence in Brazil's Lithium Valley Project originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.