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Jadar Lithium Limited (ASX:JDR) has almost completed the 80% acquisition of Austrian Licences from Exchange Minerals Limited. The company will be given the primary right of refusal for the residual 20%. Jadar believes that Austrian Lithium Exploration Licenses has the potential to be a lucrative resource for business prospects which will further enhance Jadarâs current market expansion in Europe.
Below are the acquisition details as announced by the company on 2 October 2018:Â Â Â
- Jadar will devote AU$250K on the exploration of the Austrian Lithium Exploration Licenses, post the expenditure, both the parties will spend the amount as per their interests.
- The monetary terms of the whole deal include an 80 % interest in SPV which has the Austrian Lithium Exploration Licenses. The organization will issue approximately 9 million fully paid ordinary shares at an issue price of AU$0.022 per share, totalling to AU$2 million.
- The company will also sanction 25,000,000 unlisted options in JDR with an exercise price of AU$0.03 per option with set expiry date of 31st July 2020.
The business attainment includes 90.9 million ordinary shares and 25 million choices. The deal is supposed to be concluded in the upcoming two weeks.
Jadar Lithium holds five licenses which sprawls to 382 km2 in Serbia. Two other permits of Jadar are near Rio Tintoâs, an excellent discovery by Jadar since it has the worldâs significant accumulation of lithium. Lithium has its utility in the manufacturing of batteries which lasts long and can be recharged. Jadar is an established name in fulfilling the requirements of lithium in the European market.
The Austrian Lithium Exploration Licences are placed in Carinthia, located 270 km southwards of Vienna, Austria and 20 km east of Wolfsberg. They consist of two surveyed locations with 99 survey licences, spreading over the entire range of 46.5 km2, and are valid till 31 December 2020. The area is well thought of with the potential for lithium and other minerals.
The Austrian surveyed zones are mining-friendly EU territories with 99 licenses âFreischürfe.â
To begin with, Mr. Steven Delldis is going to take charge as new director. After the business is settled, the arrangement of Special Purpose Vehicle (SPV) in Austria is going to be concluded as well. The legal handover of the licenses to SPV in agreement with the condition of the Austrian Mining Authority will take place as well.
Sharing his views on the business procurement Mr. Luko Martino, Non-Executive Chairman, said that idea of the acquisition is in sync with Jadarâs plan to expand its European market presence. The organization is increasing its attention to include additional European jurisdictions with a potential emphasis on lithium mineral exploration and development.
Post the announcement, the shares of Jadar Lithium closed the dayâs trading session at A$0.011, up by 10%.
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