Argentina Lithium Gets $90 Million Investment From Stellantis
28 September 2023 - 4:23AM
Dow Jones News
By Chris Wack
Argentina Lithium & Energy agreed to invest $90 million in
Argentina Litio y Energia by auto maker Stellantis.
Under the deal, Peugeot Citroen Argentina., a subsidiary of
Stellantis, will invest $90 million in Argentina to acquire shares
of Argentina Litio y Energia.
The company has granted Stellantis the right to exchange all of
the Argentina Litio y Energia shares for up to 19.9% of the
outstanding shares of Argentina Lithium in the future, subject to
certain conditions.
The proceeds of the transaction will be used to advance
development of the company's lithium projects held through its
wholly owned subsidiary in Argentina, and for general corporate
purposes.
As a result of the transaction, Stellantis will own 19.9% of the
issued and outstanding Argentina Litio y Energia shares, and
Argentina Lithium will own 80.1%.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 27, 2023 14:08 ET (18:08 GMT)
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