Battery and precious metals exploration company Askari Metals (ASX:AS2) has completed the acquisition of the initial 90% interest in EPL 7345 covering an area of about 114km-square forming part of the Uis Lithium Project in Namibia.
Pursuant to the terms of the binding agreement between Askari and the shareholders of Kokerboom Mineral Processing, the company reports it has incorporated a wholly owned local Namibian subsidiary which owns the 90% interest in privately held Kokerboom Mineral Processing.
As announced to shareholders on 4 April 2023, Askari has in addition, executed a binding agreement to acquire the remaining 10% interest in Kokerboom Mineral Processing which wholly owns EPL 7345.
Askari also reports it has issued the shareholders of Kokerboom Mineral Processing a total of over 2.792 million ordinary shares in Askari. Of these shares, a total of over 1.396 million shares will be subject to a 6-month voluntary escrow from the date of issue with a total of 698,138 shares subject to 3 months voluntary escrow from the date of issue, while the remaining shares will be freely tradeable.
the acquisition of the remaining 10% interest in Kokerboom Mineral Processing is progressing well and is expected to be completed shortly
The company also notes the acquisition of the remaining 10% interest in Kokerboom Mineral Processing is progressing well and is expected to be completed shortly.
Askari Metals is an Australian battery and precious metals exploration and development company focused on its portfolio of projects across Australia and Namibia.
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.
Askari 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
