Battery X Metals (BATX), focused on the exploration and acquisition of critical mineral and precious metal assets, is set to gain full ownership of two lithium exploration projects in Quebec.
The company signed a definitive agreement to acquire 100% of the Nunavik, QC Leaf River Project, with 83 claims spanning around 3,500 hectares, and the Abitibi, QC Reservoir-Dozios Project, which includes 52 claims over a similar area.
The Nunavik property is positioned adjacent to Eureka Lithium's New Leaf Project, while the Abitibi Project is in proximity to Sayona Mining’s Abitibi Lithium Hub.
Both areas are known for their large, mineralised structures and pegmatite formations, which are indicative of lithium deposits.
This move by BATX is aimed at bolstering its portfolio in a region that has shown promising lithium exploration results.
In addition to these acquisitions, BATX agreed to purchase a 49% stake in Li-ion Battery Renewable Technologies (LIBRT), a Vancouver-based company specialising in the development of technology to enhance lithium-ion battery life.
LIBRT's hardware and software solutions are designed to perform rapid battery health diagnostics and cell rebalancing. This investment aligns with BATX's mission to support the increasing demand for battery metals.
For the 49% stake in LIBRT, BATX will issue 7,500,000 common shares at C$0.10 each, amounting to a total purchase price of C$750,000 ($545,210).
At closing, a shareholders' agreement will be established, detailing the governance of LIBRT, including board nominations.
BATX will have the right to nominate one board member, with two additional seats for other shareholders.
It has also secured a call right to acquire the remaining 51% of LIBRT's common shares within a period ranging from six months to two years after closing, for a further ten million common shares of BATX.
Completion of this transaction is contingent upon meeting standard closing conditions and compliance with Canadian Securities Exchange policies.
