LONDON: Cloudbreak Discovery Plc (LSE: CDL), a natural resource project generator and royalty business, has announced the sale of its proprietary database of lithium targets in Texas to Lonestar Lithium Inc. (OTC: LSLI).
The database contains regional modelling and data compilation across eastern Texas, where lithium is a key commodity for the energy transition. Cloudbreak will receive 2.0 million shares in Lonestar, USD$25,000 for each property generated from the database, and 0.5% royalty on lithium production from those properties.
The Exploration Agreement is valid for three years from the effective date. Andrew Male, Director and Interim CEO of Cloudbreak, said that the deal demonstrates the value of Cloudbreak’s project generation model and its focus on energy royalty acquisitions.
Cloudbreak operates in the United States and internationally, acquiring minority interests in projects of merit. Through its subsidiary, Cloudbreak Exploration Inc., the company also develops its own mineral assets and generates new projects.
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