Galan Lithium Limited executed a Binding Term Sheet to acquire remaining 20% interest in Greenbushes project from Lithium Australia Limited for AUD 3 million.

Galan Lithium Limited (ASX:GLN) executed a Binding Term Sheet to acquire remaining 20% interest in Greenbushes project from Lithium Australia Limited (ASX:LIT) for AUD 3 million on December 13, 2022. Galan will pay Cash payment of AUD 2 million and issue fully paid shares to the value of AUD 1 million to LIT, with the number of shares to be issued to be calculated based on the volume weighted average price of GLN shares traded on the ASX for the five (5) days preceding the date of completion. At completion, Galan will hold a 100% interest in the Greenbushes South Lithium Project which comprises four granted exploration licences, one pending exploration licence and seven prospecting licences.

Following the trasnaction, Joint venture partnership between Lithium Australia and Galan to terminate on completion of the sale of Greenbushes South Lithium Project.