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.
