FCL now owns 100% of the Georgia Facility and all infrastructure
In addition, FCL acquired from the local municipality an additional 39 acres with direct access to the highway and railway
The complete FCL property will be +56 acres of land with significant future expansion potential for all business units
TORONTO, Nov. 23, 2023 /PRNewswire/ – November 23, 2023 – Full Circle Lithium Corp. (“FCL” or the “Company”) (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer and recycler with a highly experienced technical team is pleased to provide an update regarding the acquisition of its scalable, fully permitted, and operational lithium processing plant in Georgia, USA (the “Georgia Facility”).
“The Company now owns close 60 acres of land and is well positioned to grow its business in all of its operating units” said Carlos Vicens, CEO, Director and Founder of FCL. “Significant interest has been received from third parties on growth initiatives over the past few months and we wanted to crystalize the ownership and growth potential in and around our Georgia Facility.”
FCL has now closed on the previously announced proposed acquisition of the Georgia Facility, including the land and all facilities at a price of US$500,000. The Company paid US$250,000 to the vendor with the remaining US$250,000 paid in one installment next year, subject to certain conditions being met.
In addition, FCL has also closed on an additional 39 acres of land owned by the Brantley County Development Authority which is adjacent to the Georgia Facility. This land is very important for future operations as it will provide direct rail and highway access, as well as significant room for future expansion for the various lines of business – midstream recycling, battery recycling, lithium refinery, and, more importantly, the fire suppressant business (FSS).
Following its year-end of October 31, and in accordance with its shareholder approved stock option plan, FCL’s board granted annual incentive stock options (“Options”) to directors and officers to acquire an aggregate of 1.2 million common shares at $0.55 per share (representing a premium to November 21 closing price of $0.50, the date of the Options grant by FCL’s board), for a period of 5 years, subject to standard vesting provisions.
About Full Circle Lithium Corp.
Situated in the epicenter of the largest EV buildout in North America, FCL’s fully permitted lithium carbonate processing plant in the state of Georgia, USA combined with a complement of seasoned lithium experts makes FCL a different processor and manufacturer of lithium compounds. FCL is focused on lithium and battery materials reintegration to meet the demand for crucial battery-grade raw materials, utilizing proprietary technology and know-how. In addition to its lithium carbonate plant, FCL is focused on three complementary feedstock processing divisions: battery recycling from off-spec and end-of-life lithium-ion batteries, lithium mid-stream recycling from industrial and chemical feedstock, and lithium refinery from upstream feedstock. Following on the Company’s mantra of “the home of lithium science”, FCL has now also developed an innovative and patented Fire Suppressant Solution (FSS), to address the increasing number of difficult to extinguish and hazardous lithium based fires. Additional information regarding FCL is available on SEDAR at www.sedar.com under the Company’s profile and its website www.fullcirclelithium.com
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning of securities legislation in the Canada and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “believe”, “plans”, “intends” or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations on the viability, effectiveness, safety and any potential commercial production and commercialization related to the fire suppressant solution which is at an early stage of testing and development, on receiving patent protection for the fire suppressant solution and related inventions and processes, the ability of FCL, a start-up venture, to continue raising capital, upgrading and refurbishing its plant, and sourcing feedstock for its business. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the uncertainties and risk factors related to the technical elements in a processing and refining business, loss of key technical and other staff, lithium price fluctuations, the fire suppressant solution functioning as expected to meet safety requirements and fire-fighting, related government regulations and potential client product specifications, and applicable environmental requirements and issues – see additional risks described in FCL’s public filings. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. FCL disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. Additionally, FCL undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of FCL, its financial or operating results or its securities.
SOURCE Full Circle Lithium Inc
