Green Technology Metals Limited (ASX: GT1) has secured AU$3,875,000 from EcoPro Innovation Co., Ltd (EcoPro), a leading South Korean EV battery metals producer, as part of a strategic investment. The company issued 31 million fully paid ordinary shares to EcoPro at AU$0.125 per share, fulfilling the first tranche of the agreement.
The Bank of Korea has approved the entire AU$8 million investment, satisfying a condition precedent for Tranche 1 and Tranche 2. Shareholder approval at the General Meeting on September 26, 2024, will determine the issuance of the remaining 33 million shares for Tranche 2. EcoPro will become GT1's largest shareholder with a 16.6% stake upon completion. This partnership supports GT1's goal of becoming Ontario's first integrated lithium producer, leveraging EcoPro's expertise in lithium hydroxide production and patented extraction technology. The funds will support the Definitive Feasibility Study on the Seymour Lithium project, the Lithium Conversion Facility PFS, and general working capital.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
