VANCOUVER, British Columbia,(GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L), an innovative technology and lithium project development company, announced today that LANXESS Corporation (the “Lender”) has elected for the early conversion in full of its loan facility (the “Loan”) previously advanced to the Company.
Conversion of the Loan will allow the Company to strengthen its balance sheet with the elimination of long-term debt and conserve capital for ongoing project development work. The early conversion of the Loan will also reduce interest expense and positions the Lender as a key shareholder.
The Company has issued 6,251,250 common shares, and 3,125,625 share purchase warrants (each, a “Warrant”), to the Lender in connection with the conversion of the outstanding Loan and has retired the principal of the Loan in the amount of US$3,750,000. Each warrant is exercisable to acquire an additional common share of the Company at a price of C$1.20 until June 10, 2024. For further information regarding the terms of the Loan, readers are encouraged to review the news release issued by the Company on October 30, 2019.
About Standard Lithium Ltd.
Standard Lithium is an innovative technology and lithium development company. The company’s flagship project is located in southern Arkansas, where it is engaged in the testing and proving of the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations. The company has commissioned its first-of-a-kind industrial-scale direct lithium extraction demonstration plant at Lanxess’s south plant facility in southern Arkansas. The demonstration plant utilizes the company’s proprietary LiSTR technology to selectively extract lithium from Lanxess’s tail brine. The demonstration plant is being used for proof-of-concept and commercial feasibility studies. The scalable, environmentally friendly process eliminates the use of evaporation ponds, reduces processing time from months to hours and greatly increases the effective recovery of lithium. The company is also pursuing the resource development of over 30,000 acres of separate brine leases located in southwestern Arkansas and approximately 45,000 acres of mineral leases located in the Mojave Desert in San Bernardino county, California.
Standard Lithium is listed on the TSX Venture Exchange under the trading symbol “SLL”; quoted on the OTC – Nasdaq Intl Designation under the symbol “STLHF”; and on the Frankfurt Stock Exchange under the symbol “S5L”.