Meteor Energy, LLC signed a letter of intent to acquire Resource Ventures S.A. from Edison Lithium Corp. (TSXV:EDDY) for $5 million on December 18, 2023. Pursuant to the LOI, the parties agreed to use commercially reasonable efforts to enter into a definitive agreement within 60 days to give effect to this transaction on terms and conditions acceptable to both parties.

The sale terms included Meteor paying the Company $25,000 on signing of the LOI, with further payments of $475,000 and $4,500,000 payable by Meteor to the Company upon execution of a definitive agreement and the closing of the disposition, respectively. Completion of the disposition contemplated by the LOI remains subject to the satisfactory completion of due diligence, the negotiation and execution of a definitive agreement and approvals from the TSX Venture Exchange and shareholders of the Company, if required.