THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced the settlement of hostilities with Lepidico (ASX: LPD).
Lithium Australia announced litigation with Lepidico subsidiary, LiTechnology Pty Ltd has been settled by mutual agreement.
All commercial details of the settlement remain confidential.
What Lithium Australia could announce publicly subsequent to the settlement, however, was that the three L-Max licence agreements the company has with Li-Technology remain valid and enforceable – these being the exclusive L-Max Licence for Western Australia, International Licence No.1 and International Licence No.2.
Lithium Australia also advised that Lepidico has agreed the 100 per cent Lithium Australia-owned Sileach process is not an improvement, enhancement or modification of the L-Max process.
Li-Technology Pty Ltd has withdrawn its counterclaim against Lithium Australia.
“We are pleased with the outcome which allows Lithium Australia to pursue its strategy of building a global lithium business without unnecessary distractions or legal impediments,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.
“We can now continue with the business of delivering further positive results for our shareholders.”