CATL acquires 44 million yuan in Canadian lithium company

On September 17 news, according to local media reports, Neo Lithium, which is listed on the V board in Toronto, Canada, recently announced the signing of an equity subscription agreement with a subsidiary of China Ningde Times (300750). CATL will subscribe for more than 10 million Canadian Neo Lithium shares at a price of 0.84 Canadian dollars per common share. The total investment is about 8.58 million Canadian dollars (approximately RMB 44 million), accounting for 8% of Neo Lithium’s total shares. The company’s third largest shareholder, and obtained a seat on the board of directors, becoming a member of the company’s technical committee.
Public information shows that Neo Lithium wholly owns the Tres Quebradas lithium salt lake project in Catamarca, Argentina. The project has 700 tons of LCE (lithium carbonate equivalent) and 1.3 million tons of LCE reserves. The annual production capacity is expected to reach 40,000 tons of batteries. Grade lithium carbonate.
According to foreign media speculation, the transaction is expected to end later this year after the approval of the relevant Chinese authorities.