Closing of Prairie Lithium deal
Arizona Lithium Limited completed its acquisition of Saskatchewan-based Prairie Lithium Corporation on March 27, the same day the provincial government announced its Critical Mineral Strategy. The deal included $40 million CAD in cash, with Prairie Lithium shareholders able to elect exchangeable shares or Arizona Lithium shares based on a 500-million-share exchange ratio, and a reciprocal $4 million break fee. The Australian company has since reverted to the Prairie Lithium name.
The acquisition delivered an inferred resource of 4.1 million tonnes of lithium carbonate equivalent at 111 mg/L lithium, described at the time as the highest quality inferred lithium brine resource discovered in Canada, along with proprietary direct lithium extraction technology. Founder and CEO Zach Maurer, a University of Regina geology graduate, joined Arizona Lithium's board as executive director. The company also received C$1.074 million in Canadian government grant funding for DLE technology development.