PERTH (miningweekly.com) – The shareholders of ASX-listed junior Marquee Resources will meet on August 15 to vote on the acquisition of lithium hopeful Centenario Lithium, after the company took the decision to complete the acquisition agreement.
Marquee last month announced plans to enter into the lithium triangle in Argentina through the acquisition of Centenario Lithium, which holds a 30% interest in Lithium Power International Holdings, which in turn holds seven leases in the Centenario Salar.
In addition to the A$25 000 option fee that has already been paid, Marquee will now also issue 10.07-million of its shares, at a deemed price of 10c a share, to complete the transaction.
The company will also issue two tranches of performance rights, with a combined value of A$1-million, once certain resource milestones have been reached.
In addition to shareholder approval, the acquisition will also be subject to Marquee raising A$500 000 from a share placement to Centenario Lithium, priced at 10c a share.
Marquee MD Charles Thomas said on Friday that the company was pleased with the support that Marquee had received from the investment community, and added that the recent decision by French mining company Eramet to invest in the Centenario Salar region, further validated Marquee’s view on the potential of the region.
“We look forward to finishing the remaining items that will allow completion of this acquisition and then embarking on an aggressive exploration programme with our new partner Lithium Power International.”