Financial Wire

Lithium South Development Closes Sale of NRG Metals Argentina to POSCO

-- Lithium South Development (LIS.V) on Friday said it completed the sale of its NRG Metals Argentina subsidiary to POSCO Argentina and POSCO Holdings.

The company said NRG holds the Hombre Muerto North Lithium property located in Salta Province, Argentina. The transaction was formally closed at a ceremony in Buenos Aires on April 7.

"Further details regarding the date of the payout of the cash consideration pursuant to the plan of arrangement will be provided in the immediate future," the company said.

In a Dec. 8 statement, Lithium South Development said the terms of the sale are a cash price of US$65 million before taxes and other closing costs.

The company also said it is seeking approval to delist from the TSX Venture Exchange and OTCQB and to cease being a reporting issuer.

The company's shares were last seen unchanged at $0.495 on the Venture Exchange.

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