Latitude takes stake in Zim project
PERTH (miningweekly.com) – Junior explorer Latitude Consolidated has moved to acquire a 70% interest in the Mbeta lithium project, in Zimbabwe.
Under the terms of the agreement, Latitude will pay the owner of the project $50 000 in cash on the signing of an agreement, as a non-refundable deposit. A further $50 000 will be payable on the registration of the transfer of the Mbeta claims into a joint venture (JV) vehicle.
Latitude would also issue the project owner, or its nominees, some six-million fully paid ordinary shares, within seven days of shareholder approval, while also financing all exploration by the JV up to the completion of a definitive feasibility study.
As part of the transaction, Latitude will raise A$3.45-million through the placement of 138-million shares, priced at 2.5c each. The placement will be undertaken in two tranches, with the first tranche to be conducted under the company’s existing placement capacity, and raising A$491 000.
The second tranche placement, which will raise A$2.95-million, will be subject to shareholder approval.
The Mbeta project comprises 13 mineral claims with a combined area of 18 km2.
Following the completion of the acquisition, Latitude will undertake data compilation and initial field exploration programmes aimed at gaining a better geological understanding of target areas identified within the Mbeta project area.
Exploration was likely to start with a rock-chip and soil sampling geochemical campaign in the historical mine and along the host structural corridor, Latitude said on Thursday, with analysis for lithium and associated elements.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
