E3 Lithium and Imperial Oil Ramp Up Alberta Pilot Program

14-May-2024 
Journalist: Gabreilla Figueroa

E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), commonly referred to as "E3 Lithium" or simply the "Company," a prominent figure in the Canadian lithium sector, is delighted to unveil a revision to its partnership arrangement with Imperial Oil Limited ("Imperial" or "IOL").

Within the ongoing collaboration between E3 Lithium and Imperial, initially disclosed in June 2022, both entities have reached an agreement to expand access to further freehold lands within the Clearwater Area. Additionally, the Company has consented to prolong the validity of the warrants (referred to as the "IOL Warrants") by an extra 12 months, now allowing exercise until July 8, 2025.

"This ongoing partnership between E3 Lithium and Imperial is reaffirmed today, reflecting our joint commitment to establishing sustainable lithium production in Canada," remarked Chris Doornbos, President and CEO of E3 Lithium. " E3 lithium are delighted to prolong this agreement and look forward to continued collaboration with Imperial in the future."

E3 Lithium suggests extending the expiration date of 3,413,979 existing prepaid common share purchase warrants of the Company, which were issued to Imperial Oil Limited ("IOL") and for which the Company received a prepayment of $6.35 million on July 8, 2022.

Every Warrant grants IOL the exclusive and non-negotiable right to exercise it for one common share of the Company at a price of $1.86 within 24 months from the grant date, with no additional cost to IOL. As of now, no Warrants have been exercised, and none are held by insiders of the Company.

Pending approval from the TSX Venture Exchange, the expiry date of the Warrants will be prolonged from July 8, 2024, to July 8, 2025. All other conditions of the Warrants will remain unaltered and fully enforceable. No action will be necessary from the Warrant holder to implement the aforementioned amendment.

E3 Lithium is a developmental firm boasting a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated resources, along with 0.9 million tonnes LCE in Inferred mineral resources located in Alberta. According to the Preliminary Economic Assessment by E3, the Clearwater Lithium Project exhibits an NPV8% of USD 1.1 Billion with a pre-tax IRR of 32% and USD 820 Million with an after-tax IRR of 27%. The primary objective of E3 Lithium is to manufacture high purity, battery-grade lithium products to fuel the expanding electric revolution. Backed by a substantial lithium resource and innovative technological solutions, E3 Lithium possesses the potential to supply lithium to the market from one of the world's premier jurisdictions.