Forza Lithium has entered a definitive share purchase deal to buy 100% of Planet Green Metals, marking a significant expansion of its lithium portfolio.

This transaction involves Forza purchasing all issued shares of Planet Green for 11,300,001 of its own common shares, valued at $904,000 (C$1.22m).

The vendors of Planet Green will receive one Forza payment share for each share held, subject to a four-month hold period plus one day from the transaction’s completion.

Moreover, 9,050,000 of these payment shares will be voluntarily pooled under a Pooling Agreement.

Under the terms of an amended option agreement dated 16 January 2024, Planet Green has the option to acquire a full interest in the Harrison Road Lithium property.

This property, located 90km north-east of Sioux Lookout, Ontario, adds to Forza’s lithium exploration assets.

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To exercise this option, Planet Green must make payments totalling $102,000, with specific amounts due on or before set dates ranging from 15 February 2024 to 3 August 2026.

The original optionors, Gravel Ridge Resources and 1544230 Ontario, will retain a 1.5% net smelter royalty, of which one-third can be bought out by Planet Green for $600,000, leaving a 1% royalty with the optionors.

The acquisition of Planet Green by Forza Lithium not only consolidates its position in the lithium market but also complements its existing Jeanette Property.

Forza Lithium president and CEO Robert Coltura said: “We are very excited to be part of this merger with Planet Green as we look to create a preeminent exploration and prospect generator company with a diversified asset base focused on top-tier Canadian mining jurisdictions.

“Shareholders will gain exposure to considerable exploration potential, secure funding, esteemed management and an extensive local contact network. We believe that the combined company will increase chances of discovery success and maximise shareholder value moving forward.”