05:20 PM EDT, 05/30/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) after trade Thursday said its Neolit Minerals Participacoes unti, agreed to to acquire the remaining 15% of select Salinas properties, located within the Curralinho Pegmatite Field of the lithium-rich Aracuai Pegmatite District, in Minas Gerais, Brazil.

Upon closing Lithium Ionic ( LTHCF ) will own 100% of all the Salinas group of properties.

The company is paying the Brazilian Real equivalent of US$2 million by June 7,; and further cash payment of the Brazilian Real equivalent US$1 million by April 4, 2025; along with 2.5 million shares of Lithium Ionic ( LTHCF ) issued by June 18.

Thursday's statement noted the Salinas properties are approximately 100 kilometers North of its Itinga group of properties. Together, the company controls 14,182-hectares within the 'Lithium Valley'; a geological belt that hosts large and high-grade lithium-bearing pegmatites in the world.

Earlier Thursday, the company said it executed a binding term sheet with Appian Capital Advisory to sell a 2.25% gross revenue royalty on its Bandeira Deposit for of US$20 million. It noted Appian is an investment advisor to long-term, value-focused private capital funds that invest solely in mining and mining-related companies.

In the earlier statement Lithium Ionic ( LTHCF ) said it intends to use the proceeds of the royalty to further advance the development and construction of its Bandeira Lithium Project, located within the Lithium Valley in Minas Gerais State, Brazil.

The company's shares closed down $0.02 to $0.87 on the TSX Venture Exchange.