by Jang Hyowon
Published 08 Aug.2024 08:41(KST)
Entutec, the largest shareholder of Geolith Energy, which is advancing the lithium direct extraction (DLE) business in the United States, is strengthening its management rights by increasing its stake.
On the 8th, Geolith Energy announced that Entutec, its largest shareholder, converted 10 billion KRW worth of the 3rd tranche of Geolith Energy convertible bonds into shares and also acquired 3,392,131 shares held by Lithium Korea, the second largest shareholder. The shareholding ratio increased from 11.3% to 19.4%.
With this acquisition of Lithium Korea's shares, Entutec has secured sole control over Geolith Energy's management. Additionally, it plans to successfully lead the U.S. lithium DLE business through collaboration with Lithium Korea.
Geolith Energy's CEO, Kim Dae-jin, a former CEO of Lithium Korea, will continue to lead the lithium business division, and Director Baek Sang-jun will also continue to serve as the head of the U.S. local corporation (Global Lithium Energy Corporation).
An Entutec official stated, "As the results of the U.S. lithium DLE business become visible, we agreed with Lithium Korea to strengthen Geolith Energy's management rights," adding, "CEO Kim Dae-jin and Director Baek Sang-jun will also focus on the U.S. business together with Geolith Energy."
Meanwhile, Geolith Energy is currently negotiating with a local U.S. company to secure mineral extraction rights at the Great Salt Lake in Utah. Last month, it submitted a proposal for the final bid of Company A, which holds mineral extraction rights at the U.S. salt lake.
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