Atlas Lithium Secures US$ 30,000,000 Strategic Investment and Offtake Agreement from Mitsui [Yahoo! Finance]
MITSUI & CO LTD ADR (MITSY)
US:NASDAQ Investor Relations:
mitsui.com/us
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Source: Yahoo! Finance
pleased to announce that it has signed definitive investment and offtake agreements with Mitsui & Co., Ltd. ("Mitsui") which the Company considers as strong validation of its project and team. Mitsui is purchasing US$ 30,000,000 in common shares of Atlas Lithium at a 10% premium to the 5-day VWAP (the "Strategic Investment") and at the same time entering into an Offtake Agreement (the "Offtake") for the future purchase of 15,000 tons of lithium concentrate from Phase 1 and 60,000 tons per year for five years from Phase 2 of Atlas Lithium's soon to be producing Neves Project in Brazil's Lithium Valley. The Strategic Investment provides Atlas Lithium with immediately available funds to continue its rapid development towards revenue generation with the production and sale of high-quality, low cost, environmentally sustainable lithium concentrate. Mitsui and Atlas Lithium entered a Memorandum of Understanding as announced in January 2023 and the two companies have since developed a clos
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