Samsung Injects $18.5m in EcoGeo Minerals' Argentina Projects
Further major news from EcoGeo Minerals Corporation.
- (1888PressRelease) May 26, 2017 - Samsung Injects $18.5m in EcoGeo Minerals' Argentina Projects
Tucson, Arizona: EcoGeo Minerals Corporation is pleased to announce that South Korea's Samsung Corporation has confirmed they will inject USD $18.5 million in equity investment into the company. The purpose of the investment is to fund EcoGeo Minerals' projects in Jujuy Province, Argentina to begin production of lithium brine mineral by the end of 2017.
On April 10, 2017 it was announced that EcoGeo Minerals Corporation has reached a supply agreement with Samsung. The agreement confirmed that Samsung Corporation will buy a minimum of 80% to a maximum of 100% of the company's processed lithium brine mineral from the Jujuy Province projects.
EcoGeo Minerals' CEO, Steven Collins stated yesterday at the company's site in Jujuy Province, " We are extremely pleased that Samsung has extended their relationship with the company by agreeing the insertion of such a large equity capital input. Our relationship with Samsung is greatly strengthened beyond the supply deal that was signed last month. The capital input cements our long term presence in Argentina and adds to our already existing lithium brine production in Chile." Mr. Collins also went on to say, "Our investors can expect some similar exciting news relating to our project in Sonara State, Mexico in the near future." EcoGeo Minerals already has a supply agreement that was signed in August 2016 with Tesla Motors for the Mexico project.
In January 2017 EcoGeo Minerals announced that they will go public with their IPO on one of the New York stock markets before the end of 2017. EcoGeo Minerals are expected to reveal details of the IPO underwriting contract with a large global investment bank shortly.
About the Company:
In a joint venture with SQM, the Company is further developing and are already producing lithium mineral at the Salar de Sol Alto Lithium Project located in the Atacama Region of Northern Chile. EcoGeo Minerals has ongoing projects in Jujuy Province in Argentina and in Sonara State of Northern Mexico, where the company has a supply deal with Tesla Inc. The company is rapidly becoming a major supplier of lithium mineral to feed the ever growing lithium battery industry.
For further information contact: investors ( @ ) ecogeominerals dot com
EcoGeo Minerals Corporation
investors ( @ ) ecogeominerals dot com
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