With a flagship operation in southern Arkansas where it hopes to develop brine into lithium batteries for electric vehicles, Canadian-based Standard Lithium Ltd. announced Monday a significant funding move.
The company said the LANXESS Corporation chose for the early conversion in full of its loan facility previously advanced to the company.
The conversion will allow the company to strengthen its balance sheet with the elimination of long-term debt and save capital for ongoing project development work.
The company said it issued 6,251,250 common shares and retired the principal of the loan in the amount of $3.75 million.
Standard Lithium’s flagship project is located in southern Arkansas where it plans to use the Arkansas Smackover for the commercial viability of lithium extraction from more than 150,000 acres of permitted brine operations.
The company has commissioned its first-of-a-kind industrial-scale direct lithium extraction demonstration plant at Lanxess’s south plant facility in southern Arkansas. The demonstration plant utilizes the company’s proprietary LiSTR technology to selectively extract lithium from Lanxess’s tail brine. lithium.
The company is also pursuing the resource development of over 30,000 acres of separate brine leases located in southwestern Arkansas and approximately 45,000 acres of mineral leases located in the Mojave Desert in San Bernardino county, California.
