By Adriano Marchese
Frontier Lithium shares were higher Monday morning after the company said it has formed a joint venture with Japanese trading company Mitsubishi Corp. around Frontier's lithium project and planned chemicals conversion facility in Ontario.
Shares were trading more than 16% higher at 1.07 Canadian dollars (79 cents).
Mitsubishi will acquire an initial 7.5% interest in the project for a total of C$25 million and also will have the right to increase its interest to 25%.
The joint venture will be formed around Frontier's PAK lithium project in the Red Lake mining division, as well as for a future lithium chemicals conversion facility, which is currently in the planning phase.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
03-04-24 1045ET