E3 Lithium announced on March 3, 2025, that it has finalized the rights and agreements for freehold mineral tenure held by Imperial Oil Limited for E3's Clearwater Project. The companies entered into a Project Completion Agreement dated February 28, 2025, which supersedes their previous Strategic Agreement.
Under the agreement, Imperial has provided a long-term mineral lease for 110 sections of its freehold interest in the Clearwater Project area. The lease has a 10-year primary term with a renewable 10-year term on the mineral title. This secures essential land for E3 Lithium's operations.
As part of the agreement, 3,413,979 warrants previously granted to Imperial were cancelled. E3 Lithium will pay cash consideration totaling C$4,150,000 in three installments over the first three quarters of 2025 for this cancellation. This collaboration supports the development of lithium production in Alberta, leveraging Imperial's assets for critical minerals.
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