PERTH (miningweekly.com) – ASX-listed Consolidated Zinc has formalised an agreement to acquire Westoz Lithium, which holds exploration tenements prospective for lithium, rare earth elements and base metals, in Western Australia.
The company told shareholders on Monday that the acquisition of Westoz was an exciting opportunity for Consolidated Zinc to diversify further into the battery minerals sector.
Under the terms of the agreement, Consolidated Zinc will pay the vendors A$740 000 for all of the issued capital of Westoz, and subject to shareholder approval, will issue the vendors with 24-million shares in the company, valued at A$600 000.
Consolidated Zinc will also clear the outstanding loans owed by Westoz to the vendors, estimated at A$140 000.
Completion of the acquisition is subject to a due diligence investigation, and Consolidated Zinc obtaining shareholder, regulatory and stock exchange approvals.