Full Circle Lithium Expands with Acquisition of Georgia Lithium
- 28-Nov-2023 6:40 PM
- Journalist: Robert Hume
Full Circle Lithium Corp (FCL), a prominent lithium products manufacturer and recycler based in the USA, is excited to share a significant update on its recent acquisition of a fully permitted and operational lithium processing plant in Georgia. The company has successfully concluded the purchase, securing 100% ownership of the Georgia Facility, including all associated infrastructure. Moreover, FCL has expanded its property portfolio by acquiring an additional 39 acres from the local municipality, providing direct access to both the highway and railway. This strategic move positions the entire FCL property at over 56 acres, unlocking substantial potential for future expansion across all business units.
In a transformative development, FCL finalized the acquisition of the Georgia Facility, encompassing both the land and all facilities, at a total cost of US$500,000. The transaction involved an initial payment of US$250,000 to the vendor, with the remaining US$250,000 scheduled for payment in a single installment next year, contingent upon specific conditions being met. This acquisition marks a crucial milestone for FCL, solidifying its foothold in the lithium processing sector.
Notably, FCL's strategic vision extends beyond the facility itself. The company has successfully closed a deal for an additional 39 acres of land adjacent to the Georgia Facility, acquired from the Brantley County Development Authority. This newly acquired land is strategically vital for FCL's future operations, offering direct rail and highway access and substantial room for expansion across its diverse business lines. These encompass midstream recycling, battery recycling, lithium refinery, and, notably, the fire suppressant business (FSS).
The comprehensive FCL property, now exceeding 56 acres, serves as a testament to the company's commitment to future growth and diversification. The strategic significance of securing direct access to transportation infrastructure positions FCL for enhanced operational efficiency and accessibility.
In tandem with these acquisitions, FCL's board, aligning with its shareholder-approved stock option plan, granted annual incentive stock options ("Options") to directors and officers. These Options, totaling 1.2 million common shares, are exercisable at $0.55 per share for a period of five years, subject to standard vesting provisions. This move not only reflects FCL's commitment to aligning the interests of its leadership with shareholder value but also provides a mechanism for incentivizing and retaining key personnel.
As of the year-end of October 31, these strategic initiatives mark FCL's proactive steps toward building a robust foundation for future success. The company's diversified approach, encompassing various lines of business within the lithium sector and beyond, positions it as a key player in the evolving landscape of sustainable energy solutions. FCL's continued commitment to innovation and expansion underscores its role as a leading force in the lithium products manufacturing and recycling industry.