IberAmerican Lithium Corp. Announces Financial Results and Business Combination Agreement
Toronto, Ontario– IberAmerican Lithium Corp. (CBOE: IBER) (OTCQB: IBRLF) (FSE: W2C) revealed its unaudited condensed interim consolidated financial statements for the first quarter of 2024, reporting a net loss of $1.46 million ($0.01 per share). As of March 31, 2024, the company had cash and cash equivalents of approximately $1.8 million.
Looking ahead, IberAmerican Lithium Corp. plans to focus on obtaining final permit approvals for the Alberta II and Carlota lithium projects in northwestern Spain. These projects are set to kickstart exploratory operations in the near future.
Moreover, the company recently announced a Business Combination Agreement with Strategic Minerals Europe Corp., aiming to acquire all outstanding common shares of Strategic Minerals through a three-cornered amalgamation. This move will lead to a proposed name change from “IberAmerican Lithium Corp.” to “IberAmerican Resources Inc.” to reflect an expanded portfolio of critical green earth minerals.
Campbell Becher, CEO and Director of IberAmerican Lithium Corp., expressed optimism about the upcoming changes, stating, “We are anticipating the closing of the Amalgamation in due course and our transition into active mining operations with immediate plans to restart tin and tantalum/niobium production at the Penouta Project.”
The company is set to finalize the Proposed Transaction around June 15, 2024, marking a significant milestone in its strategic growth and operational plans. For more information, visit www.iberamericanlithium.com.