en.Wedoany.com Reported - Lithium Chile (TSX-V:LITH) has reached an agreement with China Union Holdings (SHE:000036) to extend the final closing deadline for the sale of the Arizaro project by 60 days to August 20, with the transaction valued at $175 million (C$249 million).

This extension provides China Union Holdings with additional time to obtain approval for transferring funds from China to pay the purchase price and development costs for the asset, located in Salta, Argentina.

Lithium Chile stated that the approval process is ongoing, and the agreement also allows for an additional extension to October 19 if needed to meet closing conditions.

The company also noted that no other modifications have been made to the final share purchase agreement.

Lithium Chile CEO Steve Cochrane said the extension reflects progress in meeting the remaining closing conditions. The company stated it continues to work closely with China Union Holdings and appreciates its ongoing commitment to completing the transaction.

During the extension period, China Union Holdings has continued to advance the project, sending a delegation of engineers and technical experts to Salta in May for project planning and hiring a direct lithium extraction production manager.

Lithium Chile is a mineral exploration company with a lithium asset portfolio covering 106,136 hectares in Chile and 29,245 hectares in Argentina.

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