Lithium Australia entered into an agreement with Eastern Resources

Lithium Australia Limited (ASX: LIT) announced that it has signed a joint venture and acquisition agreement with Eastern Resources Ltd (ASX: EFE). Under the agreement, EFE will buy a 70% stake in the Lepidolite Hill Lithium Project. For the sale of the 70% interest in the Lepidolite Hill Lithium Project, Eastern Resources will pay the Company a total consideration of AU$ 550,000 in cash.

Eastern Resources may purchase Lithium Australia's 30% participating interest by paying AU$1,000,000 in cash or Eastern Resources shares. Upon Completion, a joint venture with Eastern Resources owning a 70% interest and the Company holding a 30% interest will be formed.

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