Mineral exploration company, Birimian Ltd
(ASX:BGS) says it has received an offer and executed Letter of Intent to purchase its fully-owned Bougouni Lithium Project for $107.5 million.
The purchaser of the lithium project, which is located in southern Mali, was the Shandong Mingrui Group.
One of the conditions for this sale is that Birimian needs to receive a deposit of $10.75 million before 20 January 2017 before the deal becomes binding.
In the meantime, Birimian will take the transaction to its shareholders for approval at an upcoming general meeting.
Birimian posted a net loss of $1.2 million at 30 June 2016.
