First Au (ASX:FAU) updates on its plans of Lithium Project acquisition; secures Listing Rule waivers

By - Team Kalkine Media

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  • First Au (ASX:FAU) today revealed that it has agreed with PG Exploration Pty Ltd’s owners for variation to terms of Lithium Project acquisition.
  • The variation is particularly in the terms of the milestones for issue of shares and options by FAU as consideration under the Transaction.
  • The ASX-listed firm has been granted a waiver of ASX Listing Rule 7.3.4.

Australian listed gold and base metals exploration company, First Au Limited (ASX:FAU) has come to terms with the owners of PG Exploration Pty Ltd to vary the set of conditions based which FAU offers to acquire 100% of the issued capital of PG Exploration.

Also, FAU revealed today that it has been granted a waiver of ASX Listing Rule 7.3.4 by ASX, allowing the issue of shares and options as consideration under the Transaction more than three months after the date of shareholder approval and upon satisfaction of the relevant milestones and within the time required by the milestones, and in any event, no later than 5 years from the date of the general meeting where shareholder approval for issue of shares and options under the milestones is sought.

FAU stock was spotted trading at AU$0.005 today on the ASX, with market capitalisation of AU$5.47 million.

More to come…