Critical resources completes Mavis buy
PERTH (miningweekly.com) – Junior Critical Resources has completed the acquisition of the Mavis Lake lithium project, in Ontario.
The ASX-listed company in October of last year signed a binding term sheet to acquire the Mavis Lake project from ASX-listed Essential Metals and TSX-V-listed International Lithium Corporation.
Under the terms of the agreement, Critical Resources paid A$1.5-million in cash and issued 68-million shares to the sellers, as well as 8-million shares to the facilitator of the transaction.
A further A$1.5-million in cash and A$100 000 worth of Critical Resources shares will become payable on the definition of a Joint Ore Reserves Committee-compliant resource of no less than 5-million tonnes, containing no less than 50 000 t of lithium. A further A$1.5-million in cash and A$100 000 in shares will also be payable on the definition of a resource of no less than 10-million tonnes, containing no less than 100 000 t of lithium.
“We are very excited to complete the acquisition of the Mavis Lake lithium project. We have no doubt that the project will add significant value to the business moving forward,” said Critical Resources MD Alex Biggs.
“Our strategy in 2022 is to begin exploration drilling as soon as possible once permitting is completed. We have multiple targets to explore with a view to achieving, over time, the milestones set out by the vendors of 5-million and 10-million tonnes.”
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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