12:32 PM EST, 01/14/2025 (MT Newswires) -- Lithium South Development ( LISMF ) Tuesday said it signd a Letter of Intent (LOI) for the cooperative development of the Hombre Muerto North Lithium Project, in Salta Province, Argentina.

The company and a non-related party -- a private European corporation which will not be named until the completion of a definitive agreement -- have entered into an LOI for the development and financing project.

A summary of the terms of the LOI include that the party will procure a loan for up to US$10 Million for the completion of a Definitive Feasibility Study (DFS) on the project; will procure project funding for 80% of the capital expenditures as defined in the DFS; and that the party earns 10% upon delivery of a loan confirmation letter for up to US$9million for the DFS and a further 30% upon delivery of a loan confirmation letter for project funding for 80% of the project's cost.

Price: 0.14, Change: +0.01, Percent Change: +3.70