Brief: Imperial, E3 Lithium Form Strategic Agreement On Lithium Pilot Project In Alberta

E3 Lithium

23/06/2022 13:21

June 23 (Reuters) - Imperial Oil Ltd  IMO.TO :
    * IMPERIAL AND E3 LITHIUM FORM STRATEGIC AGREEMENT ON
LITHIUM
PILOT PROJECT IN ALBERTA
    * IMPERIAL OIL LTD- AS PART OF AGREEMENT, IMPERIAL HAS
AGREED TO
INVEST CAD $6.35 MILLION INTO E3
    * IMPERIAL OIL LTD - PILOT WILL SUPPORT E3 LITHIUM'S
CLEARWATER
PROJECT, WHICH WILL DRAW LITHIUM FROM UNDER LEDUC OIL FIELD
    * IMPERIAL OIL LTD - PILOT PROJECT PLANNED TO BE COMPLETED
BY END
OF Q3 OF THIS YEAR
    * IMPERIAL OIL LTD - UNDER AGREEMENT, E3 LITHIUM WILL
CONTINUE TO
OPERATE CLEARWATER PROJECT AND RETAIN ITS IP
    * IMPERIAL OIL LTD - AGREEMENT ALSO INCLUDES ACCESS FOR E3
LITHIUM
TO FREEHOLD LANDS IN AREA, WHICH ARE OPERATED BY IMPERIAL
    * IMPERIAL OIL LTD- E3 LITHIUM TO CONTINUE TO OPERATE
CLEARWATER
PROJECT, RETAIN ITS IP, WITH TECHNICAL DEVELOPMENT SUPPORT FROM
CO IN CERTAIN AREAS
    * IMPERIAL OIL LTD - E3 LITHIUM SHALL PAY ONE-TIME 5%
FINDER'S
FEE, BEING EQUAL TO $317,500 BASED ON AMOUNT OF CO'S INVESTMENT

Source text for Eikon:  ID:nCNWBZKf7a 
Further company coverage:  IMO.TO 

 ((Reuters.Briefs@thomsonreuters.com;))