Orocobre Ltd
(ASX:ORE) has announced it will divest a number of its lithium brine projects to Canada-based Advantage Lithium Corp.
Those projects are currently held through Orocobre's Argentine subsidiary called South American Salars SA.
The parties have signed a Letter of Intent, whereby Advantage Lithium will issue Orocobre with 40.6 million common shares, which are currently worth around US$37 million.
The companies have also agreed to enter a 50/50 joint venture in regards to the Cauchari lithium-potash project in Argentina.
Orocobre posted a net loss of $29.6 million at 30 June 2016.
