Atlas Lithium Rallies 19% In Pre-market On Getting $30 Mln Strategic Investment From Mitsui

(RTTNews) - Shares of Atlas Lithium Corporation (ATLX), are surging more than 19 percent in pre-market on Thursday to $17.83, after the lithium exploration and development company received $30 million strategic investment from Mitsui & Co., Ltd.

Mitsui is purchasing $30 million of Atlas Lithium shares at a 10% premium to the 5-day volume-weighted average price.

"The Strategic Investment provides Atlas Lithium with immediately available funds to continue its rapid development towards revenue generation with the production and sale of high-quality, low cost, environmentally sustainable lithium concentrate," Atlas Lithium said in a statement.

Mitsui has also entered into an offtake agreement with Atlas Lithium for the future purchase of lithium concentrate. Mitsui will buy 15,000 tons of lithium concentrate from Phase 1 and 60,000 tons per year for five years from Phase 2 of Atlas Lithium's soon-to-be-producing Neves Project in Brazil's Lithium Valley.

Atlas Lithium shares had closed at $14.92, up 7.18 percent on Wednesday. The stock has been trading in the range of $11.80 - $45.00 in the last 1 year.