Hertz Lithium Inc., a publicly traded company, recently announced that it has entered into an agreement to acquire Canuck Lithium Corp., a Canadian-based lithium exploration and development company. The agreement establishes a definitive agreement between the two companies, with Hertz Lithium Corp. assuming responsibility for the full ownership of Canuck Lithium Corp.
The acquisition, which is set to be completed at the end of 2020, will give Hertz Lithium Corp. access to Canuck Lithium Corp.’s high-quality lithium assets located in British Columbia. These assets, which are located in a prolific mineral district, have a considerable exploration and development potential. Canuck Lithium Corp. has already identified and publishes estimates of well-defined lithium projects, which add significant value to the agreement.
The acquisition is in line with Hertz Lithium Corp.’s mission to provide clean energy solutions to the global market. As part of the agreement, the companies have entered into a joint venture agreement that will focus on advancing the exploration and development of the lithium projects. As a result of the acquisition, the companies will be able to develop and produce pure battery grade lithium, a product essential in modern renewable energy solutions.
The acquisition is also expected to bring economic opportunities to the local communities and create hundreds of jobs. Moreover, the western Canada market will benefit from the availability of high-quality lithium, a key material used in the construction of electric vehicles and renewable energy solutions.
Hertz Lithium Corp.’s Chief Executive Officer, Tim Yang, said that the acquisition is “a major milestone in Hertz Lithium Corp.’s efforts to provide the world with clean energy solutions. We are pleased to be a part of the Canuck Lithium Corp. team and look forward to leveraging our knowledge and expertise to enhance the value of Canuck Lithium Corp.’s projects.”
The agreement is still subject to final approvals by both companies, but is expected to reach completion later this year.
