Li-FT Power Secures Option to Acquire Renard Mine Assets in Quebec
Li-FT Power (LIFT.V) has entered into a binding call option agreement for the option to acquire the Renard diamond mine, processing facility and associated infrastructure.The option agreement grants the company an exclusive call option to acquire the assets or all issued shares of Stornoway Diamonds (Canada), which owns Renard, or 11272420 Canada, which owns Stornoway, the company said Wednesday.The Renard process plant has a design capacity of 2.2 million tonnes per annum. Renard also holds mineral processing and operating permits that may help with Li-FT's pathway to lithium production in Quebec. Over C$900 million of capital has been invested in Renard.Li-FT will have two years from the date of execution of the option agreement to exercise the option for C$1. If requested by LIFT, the parties agree to negotiate an extension of the option period for 12 months.
