Jul. 17 at 2:52 PM
$PMETF $MP $ALB Patriot Battery Metals (OTCQX:PMETF) has secured a strategic partnership with both Volkswagen (OTCPK:VWAGY), through its holding and financing company, Volkswagen Finance Luxemburg S.A. and PowerCo, through a substantial investment of C
$69 million, which grants them a 9.9% stake in the company at a price of C
$4.42 per share.
The aim of this collaboration is to ensure a sustainable and reliable supply of lithium raw materials from North America in the long run.
As part of this agreement, PowerCo has committed to a binding offtake agreement with Patriot Battery Metals for 100,000 tonnes of spodumene concentrate each year for a period of 10 years.
This represents approximately 25% of the estimated Stage 1 production, or approximately 12.5% of the combined production from both Stage 1 and Stage 2 of the Shaakichiuwaanaan Lithium Project." 6 months ago