08:21 AM EDT, 05/13/2024 (MT Newswires) -- E3 LITHIUM LTD. ( EEMMF ) , a player in Canadian lithium, announced earlier Monday an update to its agreement with Imperial Oil Limited ( IMO ) .

As part of E3 Lithium ( EEMMF ) and Imperial's continued collaboration under the agreement first announced in June 2022, the two companies have agreed to increase access to additional freehold lands across the Clearwater Area, a statement said. The company has also agreed to extend the term of the warrants for an additional 12 months, now exercisable until July 8, 2025, the statement added

"This continued collaboration between E3 Lithium ( EEMMF ) and Imperial is reaffirmed today given our shared vision to establish sustainable lithium production in Canada," said Chris Doornbos, President and CEO of E3 Lithium ( EEMMF ).

Monday's statement noted that E3 Lithium ( EEMMF ) proposes to extend the expiry date of 3,413,979 outstanding prepaid common share purchase warrants of the company issued to Imperial, for which the company had received a prepayment of $6.35 million on July 8, 2022.

Each Warrant provides IOL the non-transferable and non-refundable option to exercise the warrant for one common share of the company at a price of $1.86 for a period of 24 months from the date of grant at no further cost to IOL. No warrants have been exercised to date and none are held by insiders of the company.

Subject to the approval of the TSX Venture Exchange, the expiration of the warrants will be extended from July 8, 2024 to July 8, 2025. All other terms of the warrants would remain unchanged and in full force and effect. No action will be required on the part of the holder of the warrants to give effect to the aforementioned amendment.