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Newly uplisted Atlas Lithium (NASDAQ:ATLX) shares jumped as much as 53% Wednesday after the battery metals miner announced that Japanese conglomerate Mitsui has shown interest in acquiring the right to purchase up to 100% of the lithium concentrate generated by Atlas’s planned facility in Brazil.
Shares of Atlas opened at $9.38, slipping to a low of $9.35 before climbing to a high of $12.94 in late morning. The stock recently changed hands at $11.87, up 40% from Tuesday’s close, at approximately 11:30 a.m. ET.
Earlier Wednesday, Atlas said it had signed a letter of memorandum with Mitsui regarding the conglomerate’s interest in acquiring purchasing rights to lithium generated at Atlas’s planned mining and production facility.
Under the potential deal, Mitsui would also contribute up to $65M towards the facility’s construction, subject to Atlas achieving certain milestones. Mitsui would buy lithium produced by the facility at a price based on the prevailing market rate.
Battery metals miner Atlas uplisted its shares on Jan. 10, raising $4M through a public offering.
Image and article originally from seekingalpha.com. Read the original article here.