The acquisition consolidates Forza’s position in the lithium market. Credit: Steve Morfi via shutterstock.com.

Forza Lithium has entered a definitive share purchase deal to buy 100% of Planet Green Metals, marking a significant expansion of its lithium portfolio.

This transaction involves Forza purchasing all issued shares of Planet Green for 11,300,001 of its own common shares, valued at $904,000 (C$1.22m).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The vendors of Planet Green will receive one Forza payment share for each share held, subject to a four-month hold period plus one day from the transaction’s completion.

Moreover, 9,050,000 of these payment shares will be voluntarily pooled under a Pooling Agreement.

Under the terms of an amended option agreement dated 16 January 2024, Planet Green has the option to acquire a full interest in the Harrison Road Lithium property.

This property, located 90km north-east of Sioux Lookout, Ontario, adds to Forza’s lithium exploration assets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

To exercise this option, Planet Green must make payments totalling $102,000, with specific amounts due on or before set dates ranging from 15 February 2024 to 3 August 2026.

The original optionors, Gravel Ridge Resources and 1544230 Ontario, will retain a 1.5% net smelter royalty, of which one-third can be bought out by Planet Green for $600,000, leaving a 1% royalty with the optionors.

The acquisition of Planet Green by Forza Lithium not only consolidates its position in the lithium market but also complements its existing Jeanette Property.

Forza Lithium president and CEO Robert Coltura said: “We are very excited to be part of this merger with Planet Green as we look to create a preeminent exploration and prospect generator company with a diversified asset base focused on top-tier Canadian mining jurisdictions.

“Shareholders will gain exposure to considerable exploration potential, secure funding, esteemed management and an extensive local contact network. We believe that the combined company will increase chances of discovery success and maximise shareholder value moving forward.”