Consolidated Lithium Metals to Acquire Augustus Lithium Project in Quebec
Consolidated Lithium Metals (CLM.V) has signed a term sheet to acquire the Augustus lithium project and adjacent claims in Quebec's Abitibi and James Bay regions from Linear Minerals (LINE.CN), CLM said late Monday.As consideration, CLM agreed to pay C$2.75 million in cash and shares.Under the term sheet, CLM has until Oct. 1 to conduct due diligence and finalize a definitive agreement.CLM expects to finance the proposed acquisition through a combination of internal resources, strategic financing initiatives, and support from existing shareholders and external financial advisors.The parties aim to execute a definitive agreement by July 19."We believe this potential transaction complements our long-term strategy of advancing high-quality critical mineral assets located in established mining regions with strong infrastructure and development potential," CEO Richard Quesnel said.
