Galaxy Resources (ASX:GXY) has announced that its agreement with POSCO for the sale of a package of tenements in Argentina’s Catamarca province is now ahead of schedule.
The non-binding agreement would see Galaxy sell a package of tenements in Catamarca province, also known as the ‘lithium triangle’.
The agreement was conditional on POSCO receiving approval at their upcoming board meeting, the date of which has now been pushed forward.
It’s intended that definitive documentation will be executed immediately following the Board meeting.
The proceeds from the transaction with POSCO will be available to progress the development of Sal de Vida in Catamarca Province and places Galaxy in a strong financial position to progress the planned development of the project.
Shares in Galaxy Resources (ASX:GXY) closed flat at $2.75 on Friday