spark energy minerals acquires new lithium assets in brazil

On September 10, 2024, Spark Energy Minerals Inc. entered into a definitive securities exchange agreement with Latam Energy Acquisition Corp. to acquire all outstanding shares of Latam. This transaction involves the issuance of 20 million common shares at a deemed price of $0.07 per share, totaling $1.4 million. The acquisition is part of Spark's strategy to enhance its presence in Brazil's lithium sector, particularly within the Lithium Valley initiative. The lithium assets acquired include the Joaima and Vertex lithium projects, located in the state of Minas Gerais. This region is recognized for its rich mineral resources and is home to Sigma Lithium, a major player in the industry with significant lithium reserves. The Joaima project encompasses 12 mineral tenements covering approximately 21,165 hectares, contributing to Spark's growing portfolio in one of the world's most prolific mining areas. Eugene Hodgson, CEO of Spark Energy Minerals, emphasized the importance of this acquisition as a milestone for the company, aiming to leverage the combined assets for sustainable growth and value creation for stakeholders. The strategic partnership with Latam is expected to enhance operational capabilities and market positioning in the competitive lithium market. As the demand for lithium continues to rise due to its critical role in battery production, this acquisition positions Spark Energy Minerals favorably to capitalize on emerging opportunities in the sector, reinforcing its commitment to pursuing battery metals and mineral assets in Brazil.