Battery and precious metals exploration and development company Askari Metals (ASX:AS2) has made a major investment to acquire an 80% interest in EPL 8535 at the Uis Lithium Project in Namibia covering approximately 195km-square.
Pursuant to the terms of the binding agreement between the company and the shareholders of Earth Dimensions Consulting, Askari reports it has incorporated a local wholly owned Namibian subsidiary which owns the initial 80% interest in Earth Dimension Consulting.
The remaining 20% interest is held by the existing shareholders of Earth Dimensions. Askari reports it has issued the shareholders of Earth Dimensions a total of 4 million ordinary shares, of which 20% are freely tradeable with the remaining balance subject to escrow for a 12-month period from the date of issue.
Completion of the acquisition of the 80% interest in EPL 8535 satisfies the first condition precedent pursuant to the subscription agreement entered into between the company and Zhejiang Huayou Cobalt
Completion of the acquisition of the 80% interest in EPL 8535 satisfies the first condition precedent pursuant to the subscription agreement entered into between the company and Zhejiang Huayou Cobalt (SHA:603799).
Askari says it is very pleased to have completed the acquisition as it continues towards completion pursuant to the subscription agreement with Zhejiang Huayou.
The company also reports exploration reverse circulation (RC) drilling is continuing at EPL 8535 with numerous thick pegmatites intersected. Askari anticipates it will provide an update on exploration activities shortly.
Askari Metals is an Australian battery and precious metals exploration and development company focused on its portfolio of projects across Australia and Namibia, Africa.
The company currently holds the Yarrie Lithium, Hillside Lithium, Myrnas Hill Lithium, Horry Copper, Callawa Copper, Burracoppin Gold, Mt Maguire Gold and Base Metal, and Red Peak Rare Earth Element (REE) projects in Western Australia.
The company also holds the Barrow Creek Lithium Project in the Northern Territory, the Springdale Copper-Gold Project in New South Wales, and the Uis Lithium Project in Namibia.
Images: Askari Metals Ltd
