- Total transaction value of US$3.5 million for the sale of ReVe subsidiary
- Mava Gasoil has paid US$200,000 in total, with US$3.3 million remaining
- Completion subject to TSX Venture Exchange final acceptance
Edison Lithium Corp. (EDDYF, Financial) has announced an update regarding the sale of its Argentina-based subsidiary Resource Ventures S.A. (ReVe) to Mava Gasoil LLC. The company has agreed to extend the closing date of the transaction to June 30, 2025.
As part of this extension agreement, Mava Gasoil will make an advance payment of US$100,000, which will be credited towards the overall purchase price of US$3.5 million. An initial deposit of US$100,000 had already been made by Mava, with the remaining amount of US$3.3 million to be settled upon completion of the transaction. This includes US$3.1 million to Edison and two US$100,000 payments to other ReVe shareholders at closing.
The completion of the transaction is contingent upon receiving the final acceptance from the TSX Venture Exchange along with the remaining balance of the purchase price.
