Atlas Lithium Spikes On Deal With Japan's Mitsui & Co.

(RTTNews) - Shares of Atlas Lithium Corporation (ATLX) are surging more than 26% Wednesday morning after the company said it signed a Memorandum of Understanding with Japan's Mitsui & Co., Ltd. , that gives Mitsui the purchase rights for Atlas Lithium's future lithium concentrate production.

As per the MOU, Atlas Lithium is entitled to receive up to $65 million in tranches on achieving certain milestones.

The MOU gives Mitsui the right to buy up to 100% of Atlas Lithium's production from its planned plant with output capacity of 150,000 tons of lithium concentrate per year.

Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium, commented, "Our lithium assets are world-class and therefore we are enthusiastic about the prospects of a long-lasting and mutually rewarding partnership with such a well-known and global-reaching company as Mitsui."

ATLX is at $10.75 currently. It has traded in the range of $6.01-$10.96 in the last 1 year.