Critical Resoures settles Graphic Lake buy
PERTH (miningweekly.com) – Junior Critical Resources has settled the acquisition of the Graphic Lake lithium project, in Canada, after confirming that the deal would not require Canadian Investment Review Board approval.
The ASX-listed Critical Resources in January announced the acquisition of the Graphic Lake project, 180 km from the company’s existing Mavis Lake project, in exchange for an A$80 000 cash payment and the issue of A$120 000 worth of ordinary shares in the company.
Critical Resources will also pay the vendor a 1.5% net smelter royalty, capped at C$500 000, with the option to purchase at any time for C$500 000.
“The final acquisition of Graphic Lake is a clear demonstration of our intent to develop our business in Canada. The natural synergies with our Mavis Lake asset are clear, both from a commodity and exploration standpoint,” said Critical Resources MD Alex Biggs.
“Graphic Lake presents an exciting opportunity to conduct exploration works to further define and understand the pegmatite trend from North-East to South-West across the property. Recent additional ground acquisitions have further increased our exploration opportunities across this exciting asset. We look forward to starting our work programmes and will keep the market updated.”
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