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State: 17.08.2024 | 11PM
Tue, 20.08.2024       Green Technology Metals
AU0000177271

PERTH, Australia, Aug. 20, 2024 /CNW/ -- Green Technology Metals Limited (ASX: GT1) (GT1 or the Company), a Canadian-focused multi-asset lithium business, is pleased to announce the execution of a Framework Agreement and Corporate Equity Investment with leading South Korean EV battery metals producer EcoPro Innovation Co., Ltd.

HIGHLIGHTS

GT1 secured a A$8 million investment and a Framework Agreement with South Korean EV battery metals producer EcoPro Innovation Co., LtdThe partnership supports GT1's strategy to become Ontario's first integrated lithium producerThe agreements cover both upstream (mining and raw material extraction) and downstream (processing and conversion) activitiesPotential collaboration includes developing mines and a proposed Lithium Conversion FacilityCorporate equity investment - at a significant premium to the last closing price and a 40% premium to the 90-day VWAP for an investment of A$8m via a two-tranche placementAsset level investment options – up to 12-months exclusive rights to negotiate and agree staged asset-level investments in the Seymour and Root mine developments (Projects) in anticipation of negotiation of joint venture agreements to drive project advancementConversion Facility PFS Cooperation Agreement – negotiation of a comprehensive agreement outlining the execution and co-funding of a Pre-Feasibility Study (PFS) on the proposed Lithium Conversion Facility in Canada, leading to the negotiation and formation of a joint venture for the completion of a Definitive Feasibility study (DFS) and co-development of the facilityEcoPro brings extensive experience in lithium hydroxide production along with patented technology for lithium extractionThe partnership validates the Company's integrated strategy to become Ontario's first lithium concentrates and chemicals companyJoint funding application submitted to Invest Ontario for government funding on the proposed Lithium Conversion Facility - in progress
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