MetalsTech (MTC) and battery materials investor Lithium Royalty Corp (LRC) have signed an $18 million deal in regard to MTC's lithium assets in Canada
LRC will pay MetalsTech $6 million to gain a 3 per cent gross revenue royalty over the Cancet, Adina and Sirmac-Clapier lithium projects
MetalsTech will use the money to advance resource drilling and a scoping study at its Sturec Gold Mine in Slovakia
The next phase of the deal involves the spin-out of these lithium assets into Winsome Resources, which plans to list on the ASX under the ticker code 'WR1'
Subject to approval, MTC shareholders will receive a proposed $9 million worth of shares in WR1
LRC has also agreed to invest $3 million in Winsome Resources' initial public offering (IPO) at an assumed price of 20 cents per share
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