Albemarle will have a 4.9% stake in Patriot.
Patriot said the investment was made at a premium, C$15.29 per common share, 7% higher than Patriot's closing price. Funds will be used for advancing Patriot's Corvette Lithium Project. The news of the investment was made on the same day as Patriot's maiden resource. The Corvette property hosts the CV5 spodumene pegmatite project with a maiden inferred mineral resource estimate of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 . Patriot says that the project ranks as the largest lithium pegmatite resource in the Americas, and one of the top 10 largest lithium pegmatite resources in the world.
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