JOHANNESBURG (miningweekly.com) – Junior explorer Platypus Minerals has finalised the acquisition of lithium developer Lepidico, having acquired 100% of the issued shares in Lepidico by issuing about 750-million Platypus shares to Lepidico vending shareholders.
These shares were subject to voluntary escrow, with about 692-million shares escrowed for six months until December 3, with the balance of about 58-million shares escrowed for three months until September 3.
In conjunction with the Lepidico acquisition, Platypus was looking to raise about $3.67-million through a nonrenounceable rights issue. This offer was dispatched to shareholders on Wednesday and would close on June 21.
The unlisted Lepidico held a number of exploration tenements in Australia and Canada, and had an option over the Lamare project, in Canada, which had a total resource of 32.7-million tonnes, grading 1.56% lithium oxide.
Lepidico also owned the L-Max technology that had the potential to commercially extract lithium and other by-products from unconventional sources, at a competitive cost.