Atlas Lithium Secures US$ 30,000,000 Strategic Investment and Offtake Agreement from Mitsui
2024年3月29日 - 6:54PM
JCN Newswire
Atlas Lithium Corporation (NASDAQ: ATLX), a lithium exploration
and development company, is 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 close rapport which has included multiple due diligence
visits by Mitsui executives and technical experts to the Company's
project, and visits by Atlas Lithium's management to several of
Mitsui's offices in Brazil, the United States, Canada, and Japan.
The Strategic Investment is a culmination of the mutual interest in
growing Atlas Lithium. It delivers additional financing to allow
Atlas Lithium to continue to aggressively advance its development
towards operation of an open pit lithium mine and spodumene
concentrating facility by the fourth quarter of 2024. Mitsui has a
strong presence in Brazil dating from 1960 and a long history of
profitable mining investments in the country.
"Today marks a significant milestone for Atlas Lithium as we
progress towards our goal of becoming a key lithium supplier to the
global EV battery materials supply chain. Mitsui's investment
reflects confidence in our team, assets, and business model,"
stated Marc Fogassa, CEO and Chairman of Atlas Lithium. "I am
honored and humbled to be here in Tokyo signing this historical
agreement for Atlas Lithium that will undoubtedly result in great
value creation for our shareholders. I have watched the
relationship of our companies grow and I believe that this
partnership with Mitsui strengthens Atlas Lithium
substantially."
Figure 1:Signing Ceremony with Marc Fogassa, Atlas Lithium CEO and
Chairman, and Akinobu Hashimoto, General Manager, Mitsui's New
Metals & Aluminum Division.
To view an enhanced version of this graphic, please
visit:https://images.newsfilecorp.com/files/6706/203432_5c1d4a44842b48a4_002full.jpg
Figure 2:Atlas Lithium Management Joined by Mitsui Senior
Executives, Including Tetsuya Fukuda, Chief Operating Officer,
Mineral & Metal Resources Business Unit, and Masaya Inamuro,
General Manager, Corporate Planning & Strategy Division.
To view an enhanced version of this graphic, please
visit:https://images.newsfilecorp.com/files/6706/203432_5c1d4a44842b48a4_003full.jpg
Closing of the investment is expected within ten days, subject to
customary approvals. Additional details are provided on a Form 8-K
form filed with the Securities and Exchange Commission today. Atlas
Lithium's advisor is Goldman Sachs & Co. and its legal counsel
is DLA Piper U.S.
About Atlas Lithium Corporation
Atlas Lithium Corporation(NASDAQ: ATLX) is focused on advancing and
developing its 100%-owned hard-rock lithium project in Brazil's
Lithium Valley, a well-known lithium district in the state of Minas
Gerais. In addition, Atlas Lithium has 100% ownership of mineral
rights for other battery and critical metals including nickel, rare
earths, titanium, graphite, and copper. The Company also owns
equity stakes in Apollo Resources Corp. (private company; iron) and
Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).
About Mitsui
Mitsui & Co. is a global trading and investment company with a
presence in more than 60 countries and a diverse business portfolio
covering a wide range of industries. The company identifies,
develops, and grows its businesses in partnership with a global
network of trusted partners including world leading companies,
combining its geographic and cross-industry strengths to create
long-term sustainable value for its stakeholders. Mitsui has set
three key strategic initiatives for its current Medium-term
Management Plan: supporting industries to grow and evolve with
stable supplies of resources and materials, and providing
infrastructure; promoting a global transition to low-carbon and
renewable energy; and empowering people to lead healthy lives
through the delivery of quality healthcare and access to good
nutrition. Visit www.mitsui.com for more information.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward looking
statements are based upon the current plans, estimates and
projections of Atlas Lithium and its subsidiaries and are subject
to inherent risks and uncertainties which could cause actual
results to differ from the forward- looking statements. Such
statements include, among others, those concerning market and
industry segment growth and demand and acceptance of new and
existing products; any projections of production, reserves, sales,
earnings, revenue, margins or other financial items; any statements
of the plans, strategies and objectives of management for future
operations; any statements regarding future economic conditions or
performance; uncertainties related to conducting business in
Brazil, as well as all assumptions, expectations, predictions,
intentions or beliefs about future events. Therefore, you should
not place undue reliance on these forward-looking statements. The
following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements:
results from ongoing geotechnical analysis of projects; business
conditions in Brazil; general economic conditions, geopolitical
events, and regulatory changes; availability of capital; Atlas
Lithium's ability to maintain its competitive position;
manipulative attempts by short sellers to drive down our stock
price; and dependence on key management.
Additional risks related to the Company and its subsidiaries are
more fully discussed in the section entitled "Risk Factors" in the
Company's Form 10-K filed with the Securities and Exchange
Commission (the "SEC") on March 27, 2024. Please also refer to the
Company's other filings with the SEC, all of which are available at
www.sec.gov. In addition, any forward-looking statements represent
the Company's views only as of today and should not be relied upon
as representing its views as of any subsequent date. The Company
explicitly disclaims any obligation to update any forward-looking
statements.
Investor Relations:
Brian Bernier
Vice President, Investor Relations
+1 (833) 661-7900
bwb@atlas-lithium.com
https://www.atlas-lithium.com/
@Atlas_Lithium
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/203432
Copyright 2024 JCN Newswire . All rights reserved.