By Chris Wack

 

Argentina Lithium & Energy agreed to invest $90 million in Argentina Litio y Energia by auto maker Stellantis.

Under the deal, Peugeot Citroen Argentina., a subsidiary of Stellantis, will invest $90 million in Argentina to acquire shares of Argentina Litio y Energia.

The company has granted Stellantis the right to exchange all of the Argentina Litio y Energia shares for up to 19.9% of the outstanding shares of Argentina Lithium in the future, subject to certain conditions.

The proceeds of the transaction will be used to advance development of the company's lithium projects held through its wholly owned subsidiary in Argentina, and for general corporate purposes.

As a result of the transaction, Stellantis will own 19.9% of the issued and outstanding Argentina Litio y Energia shares, and Argentina Lithium will own 80.1%.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

September 27, 2023 14:08 ET (18:08 GMT)

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