Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce that it has effected payment in full of the C$5 million convertible notes held by AIP Global Macro Fund L.P.
The repayment of the notes is funded from proceeds received from the recently announced strategic collaboration and technology licence agreement with Cornish Lithium Ltd, and the Company’s 2020 R&D tax credit. Following the repayment of the convertible notes, the Company’s assets are unencumbered and it has no further debt with $3.2 million held in cash.
Lepidico’s Managing Director, Joe Walsh said, “Technology licencing is central to Lepidico’s business strategy, particularly the LOH-Max® process which has application in spodumene concentrate conversion. The ability for LOH-Max® to reduce capital and operating costs as well as lower carbon omissions has started to resonate with the lithium chemical industry and more broadly within the electric vehicle supply chain. Lepidico expects to negotiate further technology licence arrangements in calendar 2021.”
Lepidico Ltd is an ASX-listed Company focused on exploration, development and production of lithium chemicals. Lepidico owns the technology to a metallurgical process that has successfully produced lithium carbonate from non-conventional sources, specifically lithiumrich mica minerals including lepidolite and zinnwaldite. The L-Max® Process has the potential to complement the lithium market by adding low-cost lithium carbonate supply from alternative sources. More recently Lepidico has added LOH-Max® to its technology base, which produces lithium hydroxide from lithium sulphate without by-product sodium sulphate. The Company has completed a Definitive Feasibility Study for a nominal 5,000 tonne per annum Lithium Carbonate Equivalent (LCE) capacity Phase 1 lithium chemical plant, targeting commercial production for 2023.