IronRidge bolsters lithium portfolio with acquisition of Joy Transporters
Aim-listed IronRidge has entered into an agreement to acquire 100% of Joy Transporters’ share capital, giving IronRidge full ownership of a further highly prospective lithium exploration portfolio in Ghana.
The Saltpond and Cape Coast portfolio, which is in line with IronRidge’s vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geological, geochemical and geophysical pegmatite targets adjacent to its own Ewoyaa project.
The acquisition is in return for the issue of 2.36-million shares in IronRidge at a price of 22.5p a share.
Low-cost, regional exploration programmes are ongoing throughout the newly acquired portfolio. The programmes include reconnaissance mapping and trenching within the Saltpond licence and grid auger drilling programmes within the Apam East licence.
Long-lead baseline environmental and social studies and monitoring are also ongoing.
The IronRidge team will advance the licences and future growth strategies with simplified operations and structures for future growth.
“We are delighted to have completed this significant acquisition ahead of schedule and at a significant premium to IronRidge's current share price.
“The acquisition is part of our strategic plan in the region, providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of fundamentally robust lithium projects,” CEO Vincent Mascolo says.
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