09:03 AM EST, 03/03/2025 (MT Newswires) -- E3 Lithium ( EEMMF ) said Monday that it finalized the rights and agreements for freehold mineral tenure held by Imperial Oil ( IMO ) for the E3 Clearwater project in Alberta.

Under the terms, Imperial provided an initial 10-year mineral lease for 110 sections of the Imperial freehold interest in the area of the Clearwater project, with a renewable 10-year term on the mineral title.

The agreement includes the cancellation of 3.4 million warrants granted to Imperial at a pre-paid price of $1.86 per warrant upon E3's payment of $4.2 million, payable in three installments over the first three quarters of 2025.

E3 said the freehold mineral tenure for the Clearwater project will allow the company to build upon the success of the pilot operations as it seeks to achieve its goal to build lithium production in Alberta.

"This milestone underscores the strong relationship between Imperial and E3 Lithium ( EEMMF )," E3 Chief Executive Chris Doornbos said. "It supports the interests of both companies while continuing to drive the success of E3's Clearwater project and Alberta's position in the global lithium supply chain."

E3's share price closed 2.6% lower on Friday to 52-week lows of $0.76 on the TSXV.