PERTH (miningweekly.com) – Junior Blackstone Minerals has inked a share purchase agreement with Korea’s largest nickel-rich cathode materials manufacturer EcoPro, which will result in a A$6.8-million investment into the ASX-listed company.
Under the purchase agreement, EcoPro would acquire 40-million shares in Blackstone at a price of 17c each, representing a 62% premium to the company’s last trading price.
Following the share placement, EcoPro would be allowed the appointment of one director to the Blackstone board.
The two companies would also form an alliance to develop downstream processing infrastructure in association with Blackstone's Ta Khoa nickel/platinum group metals project, in Vietnam.
“Our Ta Khoa project has the potential to deliver the critical raw materials required for EcoPro’s cathode manufacturing to meet the demand from the imminent electric vehicle revolution,” said Blackstone MD Scott Williamson.
“We look forward to working towards the next stage of our partnership to develop the downstream processing facility in northern Vietnam.”