Toronto, Ontario--(Newsfile Corp. - November 2, 2023) - Further to its news release dated June 15, 2023, and consistent with its strategic objective to build Ontario's first vertically integrated lithium supply chain serving the North American EV battery market, Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce that it has entered into a definitive Tripartite Purchase and Sale Agreement (the "Purchase and Sale Agreement") with SCR-Sibelco NV ("Sibelco") and Separation Rapids Ltd. ("SRL"), to provide for the transfer of the Company's Separation Rapids and Lilypad projects to SRL. SRL will be a joint venture entity co-owned by Sibelco (60%) and Avalon (40%). Sibelco will be the operator of SRL.

Closing of the sale remains subject to a number of conditions, including but not limited to, the execution of a definitive Joint Venture Company Shareholders Agreement (the "JV Agreement") between Avalon, Sibelco and SRL.
see & read more on
https://www.newsfilecorp.com/release/185810/Avalon-Enters-Purchase-and-Sale-Agreement-to-Transfer-the-Separation-Rapids-and-Lilypad-Projects-into-Joint-Venture-with-Sibelco