-- Global Lithium Resources (ASX:GL1) executed a binding term sheet with Jiangsu Lopal Tech., which provides for an equity investment of AU$7.3 million via a placement and an offtake prepayment of $75 million, according to a Wednesday Australian bourse filing.
Jiangsu Lopal will subscribe for 13.8 million fully paid ordinary shares in Global Lithium at an issue price of AU$0.52875 per share.
Jiangsu Lopal will offtake 40% of Manna lithium project's annual actual production. The long-term offtake agreement has a 10-year term from the date of the first supply of product, with an option for Jiangsu Lopal to extend for a further four years.
Global Lithium and its wholly-owned unit, MB Lithium, also entered into a separate binding tenements and mineral rights sale agreement with Lopal Tech Perth, a wholly-owned unit of Jiangsu Lopal, for the sale of Global Lithium's interest in its Marble Bar lithium project, in Western Australia, including certain non-core exploration tenements and associated lithium mineral rights, for a total consideration of nearly AU$14.9 million.