https://www.miningweekly.com

MetalsTech announces $18m lithium deal

27th May 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Australia-listed MetalsTech has announced a binding agreement for an $18-million deal with battery metals investor Lithium Royalty Corp (LRC) relating to its portfolio of lithium assets in the James Bay Region of Quebec, Canada.

The deal provides MetalsTech with a cash injection and its shareholders with an in-specie distribution of free shares in the proposed spinout of its lithium assets through a separate ASX listing of Winsome Resources.

The deal includes a $6-million cash payment by LRC to MetalsTech in consideration for a 3% gross revenue royalty over the Cancet, Adina and Sirmac-Clapier lithium assets, the funds of which will be used to advance activities at its flagship gold mining project in Slovakia.

Through the spinout of the lithium assets, MetalsTech will receive $9-million shares in Winsome, equating to 45-million shares.

LRC has also agreed to be a cornerstone investor in the Winsome initial public offering with a $3-million investment.

MetalsTech’s shares ended the day higher on the news, closing 22% up at A$0.16 a share.

Edited by Creamer Media Reporter

Comments

The content 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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION