01:43 PM EDT, 04/01/2024 (MT Newswires) -- LithiumBank Resources ( LBNKF ) said Monday the optionee, a subsidiary of a public company that is arm's length to LithiumBank, elected to exercise its option to buy the company's Estevan lithium brine project in Saskatchewan.

The optionee is exercising the option for C$15 million, less the C$8-million non-refundable deposit paid to the company by the optionee concurrently with entering into the option agreement.

In connection with the exercise of the option, the company has agreed to pay a C$112,000.00 cash finder's fee to Kepis & Pobe Financial Group Inc., reflecting 1.6% of the purchase price, less the deposit.

The company's shares were last seen down C$0.07 to C$0.85 on the TSX Venture Exchange.

Price: 0.85, Change: -0.07, Percent Change: -7.61