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Highlights
- Pursuit Minerals is gearing up to acquire 100% of Trilogy Minerals Pty Ltd
- Trilogy has successfully completed its AU$8 million fundraising and acquisition of four lithium licences in Rio Grande Salar, Argentina
- Following the news, shares of Pursuit were spotted heading north, up 12.50%.
Today morning (3 January 2023), Australia-based mineral exploration company Pursuit Minerals Limited (ASX:PUR) made an announcement in relation to Trilogy Minerals Pty Ltd. In December, Pursuit entered an agreement for the acquisition of Trilogy.
In the last update, Trilogy has closed two critical pre-acquisition conditions with the successful raising of AU$8 million and acquisition of four lithium licences in Rio Grande Salar.
How did Pursuit’s shares react to Trilogy fundraising?
Shares of Pursuit reacted positively to the fundraising announcement and were seen trading 12.50% higher on the ASX today. Around 11:50 AM AEDT, one Pursuit share was valued at AU$0.018 with a gain of AU$0.002 from the last close.
Following today’s uptick, the share price of Pursuit has boosted its value by 12.50% in the last five trading sessions and a staggering 80% over the previous 30 days. On the other hand, Pursuit shares have lost their value by 10% over the six-month period and 40% in a year.
Details of the Pursuit-Trilogy deal
Trilogy completed AU$8 million capital raising through the issue of convertible notes used to execute options on tenements 1, 2, 3, and 4, which are now owned by Trilogy, according to the company's official ASX filing.
Pursuit also confirmed of continuing due diligence on Trilogy and its assets. The shareholders’ approval is expected in early February 2023.
Commenting on the developments, Bob Affleck, Managing Director of Pursuit, said:
Image Source: © 2023 Kalkine Media ®
Data Source: Company announcement dated 3 January 2023
As a lithium exploration and development firm, Trilogy holds five option rights to acquire various tenements (about 9,233 hectares) near Salta, Argentina, at the Rio Grande Sur Project. These tenements are believed to be prospective for lithium.
